Amid moves by the Central Bank of Nigeria to redesign the naira notes, the currency crashed significantly against the U.S. dollar at the parallel market on Thursday.
This is coming barely 24 hours after the apex bank announced that it will withdraw higher notes to check fraud, inflation and insecurity.
Black market exchange rates across states showed the naira exchanged hands with the greenback at N775.00 and above for a dollar, and sold at N781.00 in Abuja.
This implies a 2.64 per cent devaluation from N760.00 it traded in the previous session on Wednesday.
Meanwhile, the Naira on Thursday exchanged at 444.50 to the dollar at the Investors and Exporters window.
This is a depreciation of 0.64 percent, compared with N441.67 to the dollar it exchanged on Wednesday.
The open indicative rate closed at N441.25 to the dollar on Thursday.
An exchange rate of N450.06 to the dollar was the highest rate recorded within the day’s trading before it settled at N444.50.
The Naira sold for as low as 425 to the dollar within the day’s trading.
A total of 100.90 million dollars was traded at the official Investors and Exporters window on Thursday.