Nigerian currency forwards fell to new record lows on Tuesday, Refinitiv data showed, mirroring falls on the official spot market where the naira dropped sharply last week.
Non-deliverable currency forwards, a derivative product used to hedge against future exchange rate moves, indicated markets expected the naira to be at 730 to the dollar in one month's time.
The one-month forward contract hit a low of 715 naira on Friday.
The naira swung wildly in trading on the spot market on Tuesday, trading at 770 to the dollar at one stage before recovering to 680 naira at 1137 GMT.
Nigeria's central bank liberalized foreign exchange trading last week, which saw the official naira exchange rate fall by more than a third against the dollar.
(Reporting by Elisha Bala-Gbogbo Writing by Chijioke Ohuocha Editing by Alexander Winning)