The Nigerian Naira on Wednesday exchanged for N230 against the dollar at the parallel market, Reuters reports.

This follows the recent policy embarked on by the Central Bank of Nigeria.

 Also trade of $735.74 million went through on Nigeria's interbank currency market at 198.45 naira on Wednesday.

Market sources said a foreign client had sold dollars to a bank in Nigeria. Total interbank market volumes stood at $1.12 billion on Wednesday, far higher than typical trading sessions since the central bank introduced a naira peg in February.