FG targets to crash US Dollar to N750 by December 2023

The head of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, shared that the government is planning to bring down the dollar rate to N750 by December. He mentioned that this involves introducing new rules for foreign exchange, cracking down on illegal currency trading, and reducing the gap between official and black-market rates.

Oyedele explained that the government aims to clear the backlog of dollar demand, strengthen the naira forward market, and establish transparent rules for the official market. The goal is to include all legitimate transactions and eliminate the black market for foreign currency.

He believes these changes will happen before December, and within a few weeks, the results should be visible. By the end of the year, he hopes the naira will reach its true value, which he considers to be between 650 to 750 naira for a dollar, contrasting with the current black-market rate of N1,165.