The Central Bank of Nigeria says the post-devaluation band for the naira is "appropriately priced", but black market hawkers out on the street are trading it at around 3-5 percent below its floor in the run-up to Christmas.
Despite an 8 percent devaluation of the target band and efforts last week to crack down on currency speculation by squeezing liquidity, the naira remains at record lows.
But while the central bank and the interbank markets argue over the naira's fair value, it's harder to argue with the price on the streets where many dollars are bought and sold.
Nigeria devalued its currency and widened its target trading band to 160-176 against the dollar, but few analysts believe that can hold, given a steady decline in reserves.
Several street changers, mostly Muslim northerners from the Hausa and Fulani ethnic groups, told Reuters they were trading a dollar for 180-182 naira the day before Christmas.
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