Nigeria lawmakers worried about gap between official and black market naira rates – Reuters

LAGOS (Reuters) – Nigerian lawmakers have adopted the official exchange rate of 305 naira per dollar for the 2017 budget but have asked the central bank to initiate measures to close the 40 percent spread with the black market, deputy senate president said on Tuesday.

Members of the upper house of parliament said during a review of the budget on Tuesday that they were worried about the exchange rate differential, which they described as damaging to the economy and said had led to a loss of investor confidence.

“We are worried by the huge gap. The central bank needs to do something about it and stabilize the currency. We must find a way of bridging the gap and restore investor confidence,” deputy senate president, Ike Ekweremadu read out in the house.

(Reporting by Chijioke Ohuocha; Editing by Catherine Evans)