The naira went down further to the dollar as it plunged to 400 against the dollar at the parallel market on Thursday.
This is even as shortage of foreign exchange continued to have negative effects on economic activities in the country.
The local currency as at Wednesday had closed at 390 against the dollar.
However, the shortage of forex at the interbank and the black market has continued to weigh on the value of the naira.
Reports say after closing at around 378 against the dollar for most part of last week, the naira dropped to 380 on Friday before falling to 382 on Monday.
The naira closed at 315.06 to the United States dollar at the interbank market on Thursday.
Most economic and financial analysts have linked the fall in the value of the naira against the dollar at the parallel market to huge demand for forex by holidaymakers seeking to travel abroad. Some experts have said the huge demand for forex at the parallel market was beyond the normal summer rush.
The analysts linked the development to the activities of speculators and significant demand by manufacturers and importers whose demand was not being met at the interbank market.
