Naira gains, as Buhari presents N8.612tr 2018 Appropriation Bill

The Nigerian currency, Naira, on Tuesday, extended its gaining streak over the Euro to close at an appreciable rate of 420 against 421 traded on Monday and 425 exchanged over the weekend, even as the President Muhammadu Buhari in Abuja, yesterda,y presented N8.612 trillion as the 2018 Appropriation Bill to a joint session of the National Assembly, saying, the projected expenditure would drive rapid economic recovery.

The local currency, also, recorded significant increase at the close of yesterday trading activities at the Investor & Exporter FX (I&E) widow, with total daily transactions of $169.63 million compared to $149.90 million sold the previous day.

The I&E FX window, however, began trading at stronger trading rate of 359.66 to the US Dollar, against 360.15 declared on the first trading day of the week, represented 0.14 per cent gain, but closed low at 360.46; while compared to Monday 360.05, and 360.57 sold over the weekend.

But the Naira at the unofficial segment of the forex market did not react positively to the new budget presented, rather, remained stabled at a buying rate of 360 and closed at 363 to the dollar, while Pound was bought at 470 before closing at 475.

At the official forex market, the Naira traded at 305.90 the same rate it was sold on Monday and a he close of last week trading activities.

Meanwhile, President Muhammadu Buhari, said at the session that with a benchmark of 45 dollars per barrel at an exchange rate of N305 to a dollar in 2018, the budget would consolidate on the achievements of previous budgets to aggressively steer the economy to the path of steady growth.

“With the economic recovery made so far, it is clear that we made the right decisions.

“And I urge you all to support the Federal Government’s policies towards economic recovery,’’ he said.

Buhari said that the government would continue to develop infrastructure and increase investments in agriculture to attain food security and reduce importation.

He added that while the FG was committed to identifying alternative means of funding new projects, there was need to continue to pursue public private partnership, to provide more infrastructure in the country.

According to him, the government has been able to construct or rehabilitate about 776-kilometer roads in 2017.

The president said that the construction of Abuja metroline had attained 98 per cent completion, adding that work had commenced on the Ajaokuta-Itakpe rail line, which was abandoned for 17 years.

He said that the project would be delivered in September 2018, adding that the country’s power sector would witness a turn around.

“The power sector reform is still working in progress as we have increased power generation, but we still have some challenges in transmission and distribution network,’’ Buhari said.

He added that the FG was committed to green alternative energy.

Stories by Motolani Oseni