Breaking a two-day slump in the official market, the naira appreciated significantly against the United States dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM). Data from FMDQ Securities Exchange revealed that the naira strengthened from N881.88 to N831.47 against the dollar.
Aboki FX, however, reported a stable parallel market at N1,160/$1. The recovery coincided with President Bola Tinubu’s presentation of the 2024 appropriation bill, labeled the ‘Budget of Renewed Hope.’ Tinubu projected a 3.76 per cent growth in the economy for the fiscal year 2024.
The appropriation bill allocates N9.92 trillion to recurrent expenditure, N8.7 trillion to capital expenditure, and a total expenditure of N27.5 trillion. Tinubu assured commitment to meeting debt obligations, projecting a budget deficit of N9.18 trillion, lower than the 2023 deficit.
