Nigeria is planning to introduce new foreign exchange rules — including a crackdown on illegal currency trading — that it hopes will result in the naira appreciating to its fair value by year-end, 2023.

The government sees a “fair price” for the dollar at 650 to 750 naira, Taiwo Oyedele, chair of the presidential committee on fiscal policy and tax reforms, said in an interview with Bloomberg.

In the parallel market, the naira traded at 1,165 per dollar on Monday.

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 said.

It also aims to expand the official market to include all legitimate transactions, while snuffing out the illicit “black market” for foreign currency, he said.

“We think all of that will happen before December, and maybe in a matter of a couple of weeks we will begin to see the results, such that before the end of the calendar year, naira should find its true value, not the one that is being done currently in the parallel market,” Oyedele said.

https://moneycentral.com.ng/exclusive/article/naira-to-reach-fair-value-of-750-by-year-end-2023-oyedele/

Maybe at the banks only.
But how does the government truly ensure adequate supply? Because, without adequate supply, wishes will be horses.

Is this man drunk?. You mean 1$ to 750 naira is a fair value?. Am confused 🤔🤔🤔. This kind of people self

These Tinubu men keep deceiving him.

Oga, continue as long as your salary and other benefits are guaranteed.

Super story..

Na 1500 bf December.

jonsn:
Maybe at the banks only.
But how does the government truly ensure adequate supply? Because, without adequate supply, wishes will be horses.

Some greedy crooks are hoarding the dollars in their houses, hoping that naira will further depreciate.

I am tired of hearing "We will, we shall". Do something, you idiots.

Hehehe

We are optimistic

LikeAking:
Super story..

Na 1500 bf December.

Chukudi, you can wish Nigeria evil but that evil will affect everyone (I know say you go Chest-beat now)

Hehehe

accordadoga29:
Hehehe

We are optimistic



Chukudi, you can wish Nigeria evil but that evil will affect everyone (I know say you go Chest-beat now)

Kemi abeg no Dey support bad thing..

The suffering Dey affect every body..

Ur president just float the Naira without proper check and balances..

Today e don back fire..

Audio

Don't be surprised by this week to see the Naira lose more value and enter the 1200-1300 range before the week ends.
Same euphoria greeted cooking gas prices when the price came down to 600/kg,but today it's between 1100-1200/kg.
So long the government doesn't intervene regularly by making foreign exchange available for those that need it,so long would its value continue depreciating because individuals are hoarding it,wishing and praying it continues depreciating for their own selfish gains.

Good projection

That amount is fair value ode

Rules on paper do not appreciate any currency except generating incomes that exceeds the country’s expenditures

Tinubu promised a fair value of 300 to the USD.

Una don see as goalpost don dey shift?

Such a beautiful wishful thinking

Tinubu men are very good at theory backed up with propaganda na the execution of the idea be the koko

Smart Nigerians don't save in naira.




Wittyness.

He must have a 'magic wand' somewhere..
Let's be hopeful, however!

accordadoga29:
Hehehe

We are optimistic



Chukudi, you can wish Nigeria evil but that evil will affect everyone (I know say you go Chest-beat now)

Retards like you will have seizures over hypothetical wishes, while actions are being made from the political elite to impoverish you and your grand kids. If god is kind you will find yourself barren, stupid witch

Witchcraft economists. They want it to be stronger to ease debt repayment burden but can't take practical steps to see that happen.
Can govt meet half of forex demand it is ever collapses? No is the simple answer yet they are trying to dictate prices of what they do not own. Very soon they will tell Dangote and BUA how much to sell and how much not to sell what. Cornfused Car-server Government.

Naira has now appreciated to N993/$ - Aboki FX

What is naira exchanging for today?

This administration is clueless.

We will be at #1250/#1260 to the dollar by middle of February 2024.

The problem with dollar Naira is a bit dicey for government. The government is in a very precarious position, not sure what they want to do.
They want to have high naira conversion and low inflation at the same time… not possible. You have to pick one.

On one hand, they want to convert petrol dollars at the highest level to enable payment of minimum wages. Hence, the reason why they have to peg cargo rate at $1 to 900 naira when black market rate was already 850 naira, and getting stronger. This decision thwarted/ slowed government efforts on revaluation, and gave speculators opportunity to widen the band to around $1 to 1200.

Impact of this is continuous spiral inflation, high interest rate and unstable economic conditions.

Government needs to get its act together, articulate their economic objectives, short and long term. Stable economy requires revalued and stable naira, which in turn stabilizes and reduce inflation. Stable economy leads to attraction of foreign direct investments, portfolios and brick and mortar investments.

courage89:
The problem with dollar Naira is a bit dicey for government. The government is in a very precarious position, not sure what they want to do.
They want to have high naira conversion and low inflation at the same time… not possible. You have to pick one.

On one hand, they want to convert petrol dollars at the highest level to enable payment of minimum wages. Hence, the reason why they have to peg cargo rate at $1 to 900 naira when black market rate was already 850 naira, and getting stronger. This decision thwarted/ slowed government efforts on revaluation, and gave speculators opportunity to widen the band to around $1 to 1200.

Impact of this is continuous spiral inflation, high interest rate and unstable economic conditions.

Government needs to get its act together, articulate their economic objectives, short and long term. Stable economy requires revalued and stable naira, which in turn stabilizes and reduce inflation. Stable economy leads to attraction of foreign direct investments, portfolios and brick and mortar investments.

What was Tinubu smoking when he promised naira will exchange for 300 to the USD in the “short term” when his administration kicks off?

Another lie from the stable of the APC propaganda machine.

It's 5 days to New year... naira is still exchanging @1200 naira per dollar. Worst government ever... worst than the Soviet Union government.

₦2000 is my unfortunate prediction for year end 2024 and I wouldn't be surprised at 3.

We can analyse using all the financial and economic jingos we have.

Project using whatever analysis we want, but the problem of the FX is not going away because the people who are positioned to 'fix' the problem are the major beneficiaries of the problem.

The simple fact remains that they are the ones hoarding the dollar and also taking it abroad to invest for their personal gains.

They are the ones creating both the dollar and naira scarcity in nigeria today.

Very good.

Threads like these need to be kept alive.

The presidential committee "Chairman" has not walked back his ill conceived projections. He has a few days before the year runs out.

They will be held accountable.

I don’t care who you voted for. It is time to hold these people in power accountable to their promises.

Well, unless your existence now depends on the crumbs they give you. The soulless people in this category know themselves.