The naira is expected to weaken more on the parallel market but
flat on the official interbank market next
week as businesses await the signing of the 2016 budget by President Mohammadu Buhari.
The local currency closed at 320 against the dollar on the parallel market on Thursday, while it traded at 197 to the greenback on the interbank market.
“There is presently a lull in the forex market because of the non-release of the 2016 budget by the government, but we see transactions picking up as soon as the government reveals its economic direction through the budget next week,” one currency trader told Reuters
week as businesses await the signing of the 2016 budget by President Mohammadu Buhari.
The local currency closed at 320 against the dollar on the parallel market on Thursday, while it traded at 197 to the greenback on the interbank market.
“There is presently a lull in the forex market because of the non-release of the 2016 budget by the government, but we see transactions picking up as soon as the government reveals its economic direction through the budget next week,” one currency trader told Reuters
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