The naira, which has come under pressure in recent days, fell to 361 against the United States dollar at the parallel market on Tuesday, as traders and investors continued to await details of the proposed flexible foreign exchange policy from the Central Bank of Nigeria.
The value of the local currency dipped further as customers, trying to hedge against a possible currency depreciation when the CBN clarifies its new forex policy, snapped up every available dollar from retail outlets, according toReuters.
The naira stood at 357 against the greenback on Monday at the unofficial market, down from 355 on Friday, foreign exchange traders said.
The President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said, “Dollar demand has increased due to uncertainty around the central bank’s forex policy.
“Most firms and individuals that normally sell dollars to retail currency dealers are holding on to the cash.”
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