The naira on Wednesday depreciated further to an unprecedented N385 to a dollar in the parallel market.

The  currency decline,  according market observers, is due to soaring demand for foreign exchange.

Already, the naira has depreciated by N60 against the dollar this week in the parallel market, when compared with the closing exchange rate of N325 per dollar Friday last week.

The currency,  however,  remained stable at the official interbank foreign exchange market as the interbank rate closed N199.34.

The naira has been on steady decline since Tuesday January 12th 2016, when the Central Bank of Nigeria (CBN) stopped weekly dollar sale to BDCs.