Bundles of naira notes
The Nigerian yesterday depreciated against the dollar as it closed late evening at N465/$1 at the parallel market. This is despite the new Forex policy of the Central Bank of Nigeria which had seen it appreciate greatly some weeks ago.
Investigation carried out by Tori News shows the naira appreciated by a mere N3 to exchange at N462/$1 this afternoon. The latest depreciation being suffered by the naira is as a result of the increased demand for dollars by importers travelling to China.
Current exchange rate as at 9th March, 2017
It was gathered that the market experienced upsurge in demand for dollars yesterday for end-users travelling to China for import business.
A bureau de change Chief Executive who spoke on condition of anonymity said that the number of end-users travelling to China for business purposes has been on the increase since the conclusion of the recent holiday season in China. The situation has affected the market cancelling the success recorded in the resurgence posted by the naira.
The CBN is expected to inject more dollars into the market to ease the tension.