The naira yesterday depreciated sharply to N465 per dollar in the parallel market due to upsurge in demand for dollars importers travelling to China. It was revealed that the parallel market exchange rate rose from N448 per dollar on Tuesday to close at N465 per dollar at the close of business yesterday, indicating N17 depreciation.
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, adding these are the source of increased demand for dollars in the parallel market.
He said that the situation is aggravated by the fact that most of the items to be imported are part of the 41 items excluded from the official foreign exchange market.
He, however, expressed optimism that the demand pressure may subside this week in view of the expected dollar sales to BDCs by the Central Bank of Nigeria tomorrow, especially given the increase in number of BDCs accessing the dollar sales from around 2000 to 3000.
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