Interbank trading shows that Nigeria's currency, the naira, now has an official value of around 250 to the dollar, compared with 350 on the black market.
The central bank is hoping the the naira will stabilise around this figure.
It took the decision to float the currency to deal with a chronic shortage of foreign currency, which was eroding Nigeria's foreign reserve.
The current rate is far below the 197 peg the central bank had been maintaining for the past 16 months, before abandoning it last week to overcome the foreign exchange scarcity.
The new policy has led to fears of rising inflation, and more difficulties accessing foreign exchange for health, education and manufacturing.
A Nigerian student in the US told me that he is considering cutting short his studies and returning home because his sponsor cannot cope with a weaker naira.
Conversation among Nigerians on the streets and social media suggest they are bracing themselves for higher inflation, a weaker naira and paying through the nose for imported goods.
Isa Sanusi
BBC Africa, Abuja
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