The Federal Government said it is targeting an exchange rate of N650 to the dollar by December this year.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele disclosed this today, predicting that the true value of the naira would be reflected by December.
He said the government will be introducing new foreign exchange rules as part of the recommendations his committee made to the President, including a crackdown on illegal currency trading, to help the naira reach a fair price of N650-750 to the dollar by year-end.
Oyedele revealed that the government plans to clear a backlog of dollar demand, bolster the naira forward market, and set transparent rules for the official market.
He added that the government also wants to expand the official market to include all legitimate transactions while snuffing out the illicit black market for foreign currency.
