The naira plunged to a fresh record low against the dollar, the British pound sterling, and euro on Thursday amid the lingering scarcity of foreign exchange in Nigeria. 
The value of the naira fell against the US currency at both the parallel market and the Investors’ and Exporters’ foreign exchange window.
READ ALSO: Naira Depreciates Further To ₦520/$1
The local currency, which stood at 526/$1 on Tuesday, fell to 530/$1 at the parallel market on Thursday from 528/$1 on Wednesday.
The naira dipped to 720 against the pound at the parallel market from 717/£1 on Wednesday, while the euro rose to N620 from N616 on Wednesday.
At the I&E window, the naira weakened further to 411.67/$1 on Thursday from 411.50/$1 on Wednesday, according to FMDQ Group.
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No less than 55 percent to 60 percent of Nigerian forex transactions are traded at this window, which is used by the CBN and most exporters and investors, according to Financial Derivatives Company Limited.
“It serves as not only a source of price discovery but also a barometer for measuring potential and actual CBN intervention in the market. Some of the exchange rate determinants are balance of payments, capital inflows and trade balance,” the FDC said.
On Tuesday it was reported that the naira extended its decline on Monday, sliding to an all-time low of 527 against the dollar at the parallel market.
The Nigerian currecny had strengthened to 506/$1 on August 4 after plunging to 525/$1 at the parallel market on July 28, a day after the Central Bank of Nigeria stopped foreign exchange sales to Bureaux de Change.
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