The drop is due to pressure on the black market as a result of a scarcity of dollars.
The US dollar exchange rate rose to as high as ₦470/$1 during intra day trading.
The black market rate last touched this low in March 2017.
The opening indicative rate was N387.32 to a dollar on Wednesday.
The CBN still continues to warn against currency speculators who patronize the black market.
Between 2012 and 2017 the naira has depreciated by 30% compounded annually.
The CBN still continues to warn against currency speculators who patronize the black market.
At the black market, the naira appreciated marginally by N1 to a dollar to close at N461 to a dollar.
The volatility and uncertainty of the forex market seem to persist due to liquidity shortages across markets.
The volatility and uncertainty of the forex market seem to persist due to liquidity shortages across markets.
