N/ASS adopts N305 exchange rate, raises crude oil benchmark for 2017 budget

N/ASS adopts N305 exchange rate, raises crude oil benchmark for 2017 budget

The National Assembly has adopted N305 to the US dollar as a basis for preparing the 2017 budget, despite fears it is unrealistic. The naira trades at about N500 in the unofficial market. The adoption of the pegged N305 to the US$ exchange rate is a disappointment to foreign portfolio investors banking on a more…

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