The local currency, it seems, has found a balance, even when the price of oil to rise as a result of production cuts by OPEC nations reserves continue to increase.
According to President Muhammadu Buhari Nigeria expects its deficit in 2017 amounted to 2.36 billion naira (7.75 billion dollars), while the government is trying to emerge from the recession in the largest economy of Croatia, with a budget that record consumption.
Bukhari also said that the budget is based on the exchange rate of N305 per dollar and the expected oil production to 2.2 million barrels per day on an assumed price of $ 42.5 per barrel.
At last check, oil is trading in the mid 50s.
Naira also has maintained its value from the previous day against the euro and the British pound closed at N515 and N605 respectively.
2016 year local currency to depreciate the most in its 43-year history, opening in January to 197 on the official market and 265 on the parallel market.
0 Replies:
Post a Comment
Click to see the code!
To insert emoticon you must added at least one space before the code.