The naira lost N5 to close at N515/$1 at the parallel market on Wednesday.
The national currency had also lost N5 to close at N510/$1 on Tuesday, as dollar scarcity and volatility continued to persist in the market.
The naira had also exchanged at N505/$1 last weekend, after massive rally that allowed it gain N20/$1 within the week.
However, exchange rate at the Investors’ and Exporters (I&E) Forex Window, remained stable at N410.12/$1.
The I&E window has come to represent the official market rate and allows foreign investors to bring foreign currency to the country at a rate of their choice, provided they are able to find buyers.
The pressure against the naira at the parallel market followed Central Bank of Nigeria’s decision to stop dollar sales to bureaux de change (BDC) operators.
Investigations showed that pressure on the naira intensified after manufacturers and foreign exchange end-users scrambled for scarce greenback to meet their business and personal needs.
Forex users’ preference for BDCs over banks have been linked to tedious documentation process and various levels of approvals required to purchase dollars from banks, which are usually not met at short notice.
Request for dollar purchases at commercial banks’ branches are usually approved at the headquarters before noon.