The Federal Government has disclosed its objective to achieve Naira to Dollar exchange rate of six hundred and fifty naira by December 2023.
The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele disclosed this while speaking in an interview with newsmen.
RoyalTimes reported that the tax expert predicted that the true value of the naira would be reflected by December.
He said the government will be introducing new foreign exchange rules (already part of the recommendations his committee made to President Bola Ahmed Tinubu), including a crackdown on illegal currency trading, to help the naira reach a “fair price” of six hundred and fifty-to-seven hundred and fifty naira to the dollar by year-end.
According to Oyedele, “A resilient tax system should possess flexibility and agility to respond to changing circumstances and global shifts. It should be grounded in principles of transparency, fairness, and efficiency.”
He added that the government also wants to expand the official market to include all legitimate transactions while snuffing out the illicit “black market” for foreign currency.
He also advocated for international collaboration and the sharing of information to address tax-related issues in an increasingly interconnected world.
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