The Nigerian naira has reached fresh lows on the parallel market due to declining reserves and limited dollar inflows, posing challenges for the Central Bank of Nigeria in meeting the demand for the greenback from both corporate entities and individuals.

The local currency slipped to 1,030 naira per dollar on Wednesday, down from 1,015 naira the previous day. These figures were reported by Abubakar Mohammed, the CEO of Forward Marketing Bureau de Change Ltd., which compiles data on the informal market in Lagos, Nigeria's commercial hub.

This rate has further diverged from the official rate, which stood at 765.8 naira per dollar on the FMDQ OTC trading platform.

The widening gap signals continued pressure to devalue the currency after Nigeria, the most populous nation in Africa, adopted a more flexible exchange rate system in June as part of economic reforms aimed at attracting foreign investment and bolstering the economy.

In addition, the country has experienced a 33% drop in capital inflows in the three months through June, with foreign investors expressing concerns about capital controls and the country's economic stability.

Nigeria's external reserves have also fallen to a two-year low, amounting to $33.2 billion, as reported by data from the central bank.

“People are looking for dollars, both the seller and the buyer,” said Umar Salisu, a foreign-exchange operator in Lagos. “Until there’s enough supply, you can’t predict the exchange rate.”