FG May Take Action Against Black-Market Currency Traders, According To Oyedele

Mr. Taiwo Oyedele, the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has hinted that the government...

Mr. Taiwo Oyedele, the chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has hinted that the government would repress black market money traffickers, also known as illegal currency dealers

However, he assured that the country would benefit from the impending introduction of new foreign exchange laws.

According to Oyedele, the regulations are intended to fairly depict the value of the Naira.

The plan, he continued, is expected to close the difference between the official and unofficial exchange rates and eventually establish a "fair price" for the Naira by the end of 2023. It also includes steps to prevent illicit currency transactions.

He said that the government aims to set a "fair price" for the dollar between N650 and N750.

Furthermore, he disclosed that after a significant backlog of about $6.7 billion in dollar demand was cleared, the government planned to create open rules for the official foreign exchange market.

He stated that "The Federal government plans to introduce new foreign exchange rules, including a crackdown on illicit currency trading."

Without addressing the persistent supply side of the market that is outpaced by demand, financial professionals, however, voice worries about the new forex restrictions.