The Nigerian currency, Naira, has crashed further in the parallel market, trading for N710 against the U.S. dollar on the exchange platform Aboki Forex.
Checks on Wednesday showed the current parallel market rate pegged at N710 to a dollar.
The national currency had traded for N670 against the dollar on Monday.
Today’s record fall comes a year after the Central Bank of Nigeria (CBN) prohibited the sale of foreign currency to bureau de change operators.
The apex bank had previously prohibited the sale of foreign exchange to BDC operators due to their unauthorized sales of foreign exchange above the market they were authorized to serve.
Prior to the ban, BDC operators were a major black market, providing exchange rate support to those who could not formally access foreign currencies directly from the CBN.
In the parallel market, the Naira weakened from N180 to a dollar in 2014 to N710 on Wednesday.
