Naira to remain stable as businesses await 2016 budget passage

The naira yesterday closed stable against the dollar across foreign exchange market.

After trading yesterday, the naira closed at N319/$ the same as on Wednesday at the autonomous market, and N321/$ at the parallel market.

However, the naira is expected to remain steady at the official interbank window and on the parallel market, as businesses await the passing of the 2016 budget.

The local currency was unchanged at N321/$ on the parallel market on Thursday. It was trading around the official peg of N197 at interbank market, Reuters report.

“Many businesses are patiently waiting for the resolution of the budget issue between the president and the lawmakers so that the economy could roar back to life again,” one trader said.