Naira to Hit N650 Per Dollar by December, Says Oyedele

The naira could strengthen to N650 per dollar by the end of the year, according to Taiwo Oyedele, a Nigerian financial expert and adviser to President Bola Ahmed Tinubu.

Oyedele told Bloomberg that the federal government will implement new foreign exchange policies to stabilize the naira and reflect its true value.

He said the policies will include cracking down on illegal currency trading, clearing the backlog of dollar demand, boosting the naira forward market, and setting transparent rules for the official market.

He also said the government will expand the official market to cover all legitimate transactions and eliminate the illicit “black market” for foreign currency.

Oyedele said these measures will help the naira reach a “fair price” of N650-750 per dollar by December, compared to the current rate of over N900 per dollar.

He said a stronger naira will have positive effects on the Nigerian economy, such as reducing inflation, increasing economic growth, improving purchasing power, attracting foreign investment, and creating jobs.

Oyedele also urged other African countries to adopt a resilient tax system that can adapt to the changing global economic landscape.

He made this call at the inaugural session of the annual African Tax Administration Forum (ATAF) meeting in Cape Town, South Africa, on Tuesday.

He said a resilient tax system should be efficient, stable, flexible, transparent, fair, and aligned with global trends.

He also stressed the need for modernization, technology, and international cooperation to enhance tax collection and administration.

He concluded by saying that a resilient tax system is not only a source of revenue but also a pillar of economic resilience and sustainable growth.

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