Nigeria lawmakers pass 2024-2026 budget framework with naira at 700 to dollar next year
NIGERIA'S lower house of parliament passed the medium-term expenditure framework for 2024-2026, a set of assumptions that will be used to prepare the country's budget over the next three years. The document, which was agreed by President Bola Tinubu's cabinet before going to the House of Representatives for approval, expects the naira currency to be around 700 naira per dollar next year before firming slightly in 2025 and 2026. The naira last week briefly slumped to a record low of 1,105 against the dollar on the official market, bringing the official exchange rate within touching distance of the parallel market rate. The…