The Naira fell to N230 on Wednesday in the parallel market as importers scrambled to source for forex lifeline to save their business.
The Naira was N228 on Tuesday and N220 just a week ago thus depreciating by 4.5% in just one week.
The depreciation is likely to continue as more importers scramble to secure enough forex for their next imports to avoid being run out of business
The naira was trading at 198.95 to the dollar on the interbank market on Wednesday.
The central bank lowered its exchange rate peg to 196.95 to the dollar on Tuesday from 196.90 last week.