There had been widespread expectations surrounding the Nigerian currency especially following the reluctance of the presidency to sign the 2016 budget into law as there were observations of several anomalies in the document.
And on Friday, May 6, President Muhammadu Buhari finally signed the budget into law amid mixed reactions from Nigerians.
This has also rubbed off on the price of the Nigerian currency
against the dollar on the parallel market as it now trades at
$306/dollar, according to our bureau de change specialist.
Speaking on the new change on Monday, May 9, our impeccable source
said: “For me, we had hoped that the Naira would appreciate in a way
after the president finally signed the budget into law last weekend and
that is what is being experienced right now.
“It is expected that in the coming weeks, the Nigerian currency
will keep growing against the dollar on the parallel market until we
return to the exchange rate which every Nigerian will be comfortable
with. This is because right now, everybody is suffering the brunt of the
unstable exchange rate.
Culled from The aBouad Timeline.
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