LAGOS Dec 14 (FxMallam) The Nigerian Naira on Wednesday closed flat against the dollar at the parallel market ending at N485 where it had traded since last week.

The local currency appears to have found equilibrium even as oil prices rise following OPEC output cuts and the nation's reserves continue to inch up.

According to President Muhammadu Buhari, Nigeria will be expecting its 2017 deficit to rise to 2.36 trillion naira ($7.75 billion), as the government tries to drag Africa's biggest economy out of recession with a budget that plans record spending.

Buhari also said the budget was based on an exchange rate of N305 to the dollar and a projected oil output of 2.2 million barrels per day at an assumed price of $42.5 dollars per barrel.

At last check, oil was trading in the mid $50s.

The Naira also maintained its previous day's values against the Euro and the British Pound closing at N515 and N605 respectively.

The year 2016 has seen the local currency depreciated the most in its 43-year history, opening at 197 in January at the official market and 265 at the parallel market.

Read more at http://www.fxmallam.com/news/naira-firm-485-buhari-presents-record-budget/

nawa

We dey look

we hope for better

Why present a budget you cannot even fund. 2.36trillion deficit, where will he get the money from? And the assumption is that we will produce 2.2million barrels per day is simply too optimistic. When last did we produce 2.2million barrels everyday for one year?

Anyway I think they got the $42 benchmark right, that sounds very reasonable. I wish them the very best.

Baba one chance

APC till the end of time...

Buhari till the end of days..

We dey watch and if the naira gain or lose just 50 kobo, they will publish it. Government of newspapers.

#500/$ on my mind.......

God please intervene

We want 1$ to 1Naira as promised by. Angry People's Congress.

Not good enough joor

OP, hw much them pay u to finish MMM for here?

Hmmm

We want 1$ to 1Naira as promised by Angry People's Congress.

This government has indeed, been firm in failure.

Only zombie will celebrate dollar at 485

F

TooNoisy:
Why present a budget you cannot even fund. 2.36trillion deficit, where will he get the money from? And the assumption is that we will produce 2.2million barrels per day is simply too optimistic. When last did we produce 2.2million barrels everyday for one year?

Anyway I think they got the $42 benchmark right, that sounds very reasonable. I wish them the very best.

You're too noisy indeed!

YEYE DEY SMELL

TooNoisy:
Why present a budget you cannot even fund. 2.36trillion deficit, where will he get the money from? And the assumption is that we will produce 2.2million barrels per day is simply too optimistic. When last did we produce 2.2million barrels everyday for one year?

Anyway I think they got the $42 benchmark right, that sounds very reasonable. I wish them the very best.

Using 305 as fx rate is not such a good idea. I think they should have based their fx rate on a more realistic figure .

Lolz hahahaha

Naira will not return to N200/$, a Government that want to discourage importation will not allow it.

Buhari economics is genocide.

Dollar firm at 485 is now an achievment! Clueless government.

buhari and apc are confused,pls oga buhari go and resign o,haba.unti nigeria colapse ni?

TooNoisy:
Why present a budget you cannot even fund. 2.36trillion deficit, where will he get the money from? And the assumption is that we will produce 2.2million barrels per day is simply too optimistic. When last did we produce 2.2million barrels everyday for one year?

Anyway I think they got the $42 benchmark right, that sounds very reasonable. I wish them the very best.

Funny enough, if they allow the currency depreciate to its true level, say 400 at least, that may cover the deficit. Buhari's economics is lamentable

You have the shame to broadcast this nonsense? Dollar firm at N485? This government is despicable!

onatisi:

Using 305 as fx rate is not such a good idea. I think they should have based their fx rate on a more realistic figure .

99% of the economic problem faced today is due to the nonsensical exchange rate.

Sanusi said it has not worked anywhere in the world.

t

A