The Senate has retained the foreign exchange rate of N305 to the dollar for the 2017 budget.
This was part of the key decisions by the upper legislative chamber while passing the Medium Term Expenditure Framework and Fiscal Strategy Paper.
Adopting the recommendations of its Joint Committee on Finance, Appropriation and National Planning on the document, the Senate however, raised the proposed oil benchmark of $42.50 in 2017 budget to $44.5 per barrel.
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The decision to retain a conservative exchange rate benchmark of N305 per dollar could further mount pressure on the naira, especially as the CBN has failed to meet forex demand in recent times.
