Tony Chukwunyem 
After slumping to a record low of N993.82/$1 at the Investors and Exporters’ (I&E) window (the official market) on Monday, the naira, yesterday, strengthened further against the greenback closing at N786.02/$1 compared with N815.32 per dollar on Tuesday, data obtained from FMDQ Exchange shows.
At the parallel market yesterday, the naira closed at N1,170 per dollar compared with N1,150/$1 and N1,230/$1 on Monday and last Friday repectively, currency dealers said. The local currency has been on a free fall at the parallel market in recent weeks, occasioned by persistent dollar shortages in the system.
However, currency dealers said on Monday that the scarcity of the greenback was beginning to ease. On Monday, Bloomberg reported the Chairman of the Presidential Committee on fiscal policy and tax reforms, Taiwo Oyedele, as saying that the Federal Government is planning to introduce new foreign exchange rules — including a crackdown on illegal currency trading — that it hopes will result in the naira closing its more- than-45% gap with the unofficial rate and reaching a “fair price” by year-end.
The news agency also reported him as saying that 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.
He was further reported as saying that the government also aims to expand the official market to include all legitimate transactions, while snuffing out the illicit “black market” for foreign currency, he said.
