Naira Stays Flat Against Dollar At N318 - N322 In Black Market
- Jumai
- Apr 25, 2016
- 1 min read
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According to our Bureau De Change (BDC) source, the nation’s currency is still hovering around N318 – N322 today, April 25, as it was on Friday, April 21. Our BDC source in Katsina said: “It is N318 but N320 in some places. In Kaduna, it is N320, some sell for N322.''
It was gathered that the naira is expected not to rise or fall significantly at the parallel and official foreign exchange market. This is owing to the fact that the economy demand for foreign exchange has eased after President Muhammadu Buhari’s delayed signing of the 2016 budget.
The local currency was trading around 322 against the dollar at the parallel market on Friday, the same level as last week, and held steady around the official peg of 197.
“Some important decisions on investment and economic issues are being held back because of the continued delay in the implementation of the fiscal policy for this year,” a forex dealer told Reuters.
