The naira plummeted at the parallel market from 510/dollar on Wednesday to 516/dollar on Thursday.
Currency dealers on the streets of Lagos Island, Egbeda and Murtala Muhammed International Airport, Lagos sold the greenback at N516 and bought same for N513.
On Wednesday, the local currency had closed at N507 against the greenback as acute dollar shortage continued to weigh on the currency market.
The local currency traded at N507/dollar on Monday and Tuesday on the black market.
Experts analysts have predicted that the local currency will take further beating against the dollar this year.
An economic expert, Mr. Henry Boyo, has predicted that the naira will hit N1000/dollar on the parallel market this year if the Central Bank of Nigeria fails to review its monetary policy framework.
According to him, the current monetary policy framework adopted by the CBN is skewed against the naira.
Other experts including the CEO of Afrinvest, a local research and investment advisory firm, Mr. Ike Chioke, says the naira will depreciate further against the dollar this year unless the CBN reforms the currency market.
Meanwhile, analysts have predicted that the naira will face fresh pressure on the parallel market next week with dollar supply falling short of demand by persons seeking currency to pay school fees abroad as the CBN continues to ration forex for businesses, Reuters reported.