The naira on Wednesday crashed in the parallel market, selling for a record N710 against the U.S. dollar.
This was disclosed on the exchange platform Aboki Forex.
On Monday, the naira sold for N670 against the dollar, falling by 6.7 percent in two days as of Friday afternoon, according to data from Aboki Forex.
The Central Bank of Nigeria (CBN) had previously prohibit the sale of foreign currency to bureau de change operators but failed.
CBN governor, Godwin Emefiele had also last week threatened to arrest and prosecute Nigerians using naira to buy dollars last week.
“For those taking money from banks to buy dollars, it is illegal to do so. If the security agencies hold you, you will know the implication of that”
The rising price of the dollar will likely see Nigeria’s double-digits inflation rate rise even further.
