The Naira continued its free fall on Thursday, crashing to N280 against the dollar at the parallel market.
The greenback sold as much as N275 on Wednesday.
The naira, which had been trading around N241 and N243 against the greenback for a long time, began a steady decline about three weeks ago when the Central Bank of Nigeria stopped the sale of foreign exchange to over 1,600 Bureaux De Change operators due to improper documentation.
On Wednesday, however, the CBN cut the amount it sold to each of the 2,270 BDCs that participated in the weekly forex sale to $10,000, down from the $30,000 it sold to them last week.
While the CBN sold $84.5 million to the BDCs last week, the amount was reduced to $23 million on Wednesday.