The Naira has dipped further in the parallel market, trading now for N710 against the U.S. dollar on the exchange platform Aboki Forex.
Naira which traded at N670 against the dollar on Monday has tanked even further by 6.7 percent in just two days according to data from Aboki Forex.
This record fall comes just a year after the Central Bank of Nigeria (CBN) prohibited the sale of foreign currency to bureau de change operators.
Before the ban, bureau de change operators were a major black market, providing exchange rate support to people who could not formally access foreign currencies directly from the Central Bank.
Naira against the dollar at the Investors and Exporters window has decreased from N164 in March 2014, when Godwin Emefiele became governor of the central bank to N413 to a dollar on Wednesday.
In the parallel market, the Naira dropped from N180 to a dollar in 2014 to N710 on Wednesday.
The Central Bank governor has been criticised for failing to initiate policies that will help stabilising the country’s currency value in the forex market.
