The Nigerian currency appreciated a little bit against the American dollar on Monday morning, barely days after the 2016 budget was signed into law.
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.
New rates of the Nigerian currency against the dollar on Monday, May 9.
This has also rubbed off on the price of the Nigerian currency against the dollar on the parallel market as it now trades at $318/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.”
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