The budget, which was signed four months and two weeks after presentation, inspired hope in the Nigerian people, but the naira will have none of that, at least for now.

The naira traded at 321 in Kano on Friday, and sellers are trading at relatively the same price on Saturday.

In Abuja however, the naira traded between 321 and 322 from Thursday till Saturday.

Pounds was also trading between 464 and 467 in Nigeria’s commercial cities – Lagos, Kano, Abuja and Port Harcourt.

Speaking at the budget signing on Friday, Buhari said his government, “like no other”, would change the Nigerian economy.

“This government is like no other. We are absolutely committed to changing the structure of the Nigerian economy once and for all,” he said.

Joseph Nnana, deputy governor, financial system surveillance of the CBN, had earlier said that the naira will rise once the budget is passed.

“Distinguished chairman sir, we have $20bn lying idle in various domiciliary accounts of many customers at the various banks across the country,” he had said.

“This is part of the reasons why the naira has continued to slide against the US dollar. The CBN will embark on aggressive liquidity mop-up to enable the naira regain confidence.

“The CBN will not sit down and watch the consistent fall of the naira. After the passage of the 2016 budget, the naira will begin to bounce back. Those who speculate on dollars will have their fingers burnt.”

The naira has shown no reaction to the signing of the 2016 budget, however, analysts believe that the naira will “marginally recover” against other foreign currencies through the implementation process.


source: https://www.thecable.ng/naira-unchanged-signing-budget

The Naira is in coma, it needs some time for revival.

Lalasticlala Mogidi

When you do things at the wrong time, don't expect to get phenomenal results

Buhari is working

Na magic!

The naira will definitely respond but not in the manner that we are anticipating

Just barely 3 days after signing the budget.Cant the writer at least pretend to know how government works and that this is not "merlin" where problems just disappear in a week's episode. SMH for some people...

Its a bit early....budget was just signed some days ago

Abeg relax. When did they sign budget b4 u start crying your tale of woes. Hian!

A budget that was signed 2-3 days ago? a right minded person knows its until implementation before we see the effects.

Journalism in nigeria recently is really bad.

OK, is dollar affecting the price of fresh tomatoes too?

Let's just pray for our father land...

God bless me!
God bless you!!
God bless PMB!!!
God bless Nigeria!!!!


We shall rise again, against all odds.........

Don't expect to see spontaneous change in value of naira just like that. It will be gradual if it will rebound

End times, lets blame GEJ. In 2019 if Nigerians have any sense. When its time for campaign. Attend apc nd pdp rallies nd lynch those politicians. Enuf of suffering and smiling

Zombieism is when a group of people decides to have a change in anatomical locations of the brain and the Anus!

They think with the latter and poo with the former!

Just watching them!

Ok

Ewo ni werey gan

Buhari team mistakenly thinks that when they have the budget, the economy will magically turnaround, they will have to know almost too late that the level of deterioration, caused by one year of inaction and uninspiring rule, will take about 3 years to be restored to at least where GEJ left it.

martdap12:
OK, is dollar affecting the price of fresh tomatoes too?

my thoughts exactly

Hu d budget don epp now? Tomato is still costly in the market, likewise rice and meat.And today is Sunday u know what that means i guess.

Buhari & Co Are Just Glorified Masquerades With Power,Dancing To The Amusemet Of Their Rivals,But Dissapointing The Watching Crowd.

.

Enough said!

Expected.

The thing is....the Naira won'trise because of budget.The naira would only rise if there is enough foreign exchange to buffer it up.

And the only way to get a stable source of forex is by spending more on power,transport and education, so that we can develop an innovation based economy.

Agric has had its day.As has oil.

[color=#770077][/color]We hope so,good news anyway.

Sigh

A budget that was signed on Friday, you want it to affect the dollar on sunday? Is that not madness? Op you think the budget is a magic wand or what?

I guess you're under the toxic effect of wailerism. Continue on your path.

IMO, I think the naira is still relatively strong considering the fact that we are not an exporting country & we are not self-reliant. We must understand that the crude oil we rely on is now in surplus by reason of the lifting of Iran sanctions.

We must be clear that there are foreign govts & investors who take time to study our govt policies on economy, trade, commerce, development & even on foreign front. If the govt policies lack credible direction & are not attractive, there's no reason for the strength of Naira. The govt would have to embark on Quantitative Easing in order to fund projects or borrow from international institutions which our govt is reluctant to do( I believe it's irresponsible to do so).

In other words, we will end up resorting to 'further devaluation of Naira' in order to attract investors because they will get more Naira when they bring their $$$.

So expect some more surprises.

prof1990:
A budget that was signed 2-3 days ago? a right minded person knows its until implementation before we see the effects.

Journalism in nigeria recently is really bad.

It shows you know little or nothing about economics. One hour is enough for a reactionary impact on the value of any national currency All over the world, monumental /colossal economic or political decisions (one of which is budget signing ) trigger almost immediate market reactions but in the case of Nigeria, nothing changes.