Naira falls to N385 for $1

Naira depreciates to N385/$1 in the parallel market yesterday.This sharp depreciation of Naira was caused by increasing demand of importers who need the dollars to pay for goods in China. Vanguard investigation revealed that China which has been on its one month annual holidays and ended on Monday contributed to this increase in demand for dollars. Nigerian importers who had already made deposits of some amount of dollars to China for production and importation of goods, needed to balance up in other to get their goods, thereby this increase in dollar demand.