The Nigeria naira has dropped to a record low on the official market, with lenders quoting it 7.7% weaker against the dollar, following a currency devaluation that was aimed at unifying multiple exchange rates.

Prior to the naira’s decline, the Central Bank of Nigeria issued an indefinite extension to its “Naira4dollar” scheme for foreign remittances with the hope of sustaining the country’s foreign exchange market liquidity.

The naira still dropped to 419.75 per dollar, from its seeming good trade at 381 on Monday, May 10, 2021, its last official session.

No quotes have been available on the naira’s official rate since Tuesday.

On the over-the-counter spot market, the currency traded at 410.65 naira to a dollar on Friday, and it was quoted at 483 on the black market.