The Nigerian Naira on Tuesday sank to 480/$1 as fresh forex scarcity hit the parallel market.
The depreciating Naira also traded at 585 and 500 to the British pound and European Euro, respectively.
At the official side of the forex market, the local currency also depreciated against a resurgent US dollar, trading at 315.125 per dollar, according to the FMDQOTC trading quotes.
Bureau de Change (BDC) operators who spoke to TheCable blamed the scarcity of forex on the inability of commercial banks to provide stipulated weekly allocations for BDCs.