The naira on Thursday depreciated to a record-breaking low of 480 to the United Stated dollar on the parallel market as against the 472 it recorded on Wednesday.
The local currency had endured its two-week free fall on Monday, closing at 445 to the dollar after plunging to 439 on Friday.
While on Tuesday, the currency closed at 452 to the greenback. Also on Tuesday, the external reserves hit an 11-year low of $24.61bn.
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However, at the interbank market on Thursday, the naira closed at 305.31 to the dollar, up from 312.99 on Wednesday.
“Dollar is very scarce in the market right now because many people don’t know how low it will fall in the near term, so people are holding on to their hard currencies in order to watch the direction of the market,” one dealer said.
Speaking to Reuters, the President, Association of Bureau De Change Operators, Aminu Gwadabe, disclosed that forex traders from neighbouring countries and some importers had also been moving in recently, mopping up dollars and putting pressure on the naira in a possible speculative bid.