Taiwo Oyedele: FG to implement new FX rules for 'fair price' by year-end

Nigeria's independent online newspaper

Taiwo Oyedele, chairman of the presidential committee on fiscal policy and tax reforms, says the federal government plans to introduce new foreign exchange rules, including a crackdown on illicit currency trading.with Bloomberg on Monday, he said the government hopes the reform will result in the naira closing its gap with the unofficial rate and reaching a “fair price” before the end of 2023.

He said the government plans to clear a backlog of dollar demand estimated at about $6.7 billion, bolster the naira forward market, and set transparent rules for the operations of the official market. Oyedele, a former fiscal policy partner and Africa tax leader at PriceWaterhouseCoopers , said FG also aims to expand the official market to include all legitimate transactions while stifling the illicit “black market” for foreign currency.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

thecableng /  🏆 2. in NG

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Taiwo Oyedele: FG to implement new FX rules for 'fair price' by year-endNigeria's independent online newspaper
Read more »

In Jigawa, there’s only one doctor to 21,000 residents, NMA lamentsPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »

Dattijo, public opinion and the rumble in Supreme Court’s jungle, By Festus AdedayoPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »

African tales in engineering the courts, By Chidi Anselm OdinkaluPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »

Article of Faith: Rejoice in the Lord always (2), By Femi AribisalaPremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »

That Abraham’s children may live together in peace, By Wole OlaoyePremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »