The naira, on Wednesday, depreciated to N1,300 per dollar at the parallel section of the foreign exchange (FX) market.
The N1,260 transacted on April 22 represents a 3.17 percent decrease in the current FX rate.
Bureau de change (BDC) operators, who deal in currency, stated a buying rate of N1,260 and a selling price of N1,300, with an N40 profit margin.
The naira dropped 0.64 percent to N1,308.52 against the dollar at the official window, from N1,300.15 on April 23.
The main FX trading platform in Nigeria, FMDQ Exchange, reports that the naira touched a high of N1,367 and a low of N1,098.
With the current record, the official window rate still surpasses that of the parallel market by N8.52.
The Central Bank of Nigeria (CBN), on April 23, reduced the FX rate for dollar allocations to BDC operators.
The financial regulator, in a circular signed by Hassan Mahmud, director of trade and exchange department, said it sold $10,000 at the rate of N1,021/$ to each BDC.
On April 8, CBN also sold FX to the BDCs at the rate of N1,101/$, compared to the N1,251 the apex bank offered to the parallel market operators on March 25 and the N1,301 announced on February 27.
