The naira fell further against the United States dollar at the parallel market on Friday to 493, from 490 on Thursday.
Forex traders said the local unit plummeted following an increased demand for the dollar and other hard currencies by parents seeking to pay school fees of wards studying overseas.
The naira had closed flat against the dollar at the official interbank window and at the parallel foreign exchange market last Tuesday, the first official trading day of the year.
It closed at 305 to a dollar at the official window, the same rate it closed on the last working day of 2016, while the local currency closed at 490/dollar on the black market.
Naira further depreciate everyday by day.