On Wednesday, the naira hit a record low of N925 to $1 on the black market as demand for foreign cash exceeded supply.
On Tuesday night, Alhaji Kabiru, a currency broker in Gbokobiri, Calabar, revealed this to Platinum Times Nigeria.
In a similar vein, he claimed that in Lagos, the dollar was worth between N880 and N890.
The currency rate finished at N757.81/$1 in the official Investor and Exporter Window while it was N776 on NAFEX.
Supply issues also exist on the official market, where daily turnover has been averaging $80 million since July.
The market has been shaky ever since the Central Bank of Nigeria liberalized the FX window on June 14, according to DAILY POST.
President Bola Ahmed Tinubu stated that the government would intervene in the FX market as needed during his broadcast to Nigerians on July 31.
The interim governor of the CBN, Folashodun Shonubi, said that initiatives were being taken to manage foreign exchange volatility at the Monetary Policy Committee meeting in July.