The President, Association of Bureau De Change Operators, Aminu Gwadabe, said people were holding dollars to protect themselves against further naira weakness.
The naira, however, ended at 196.95 on the official interbank market on Thursday.
The local currency had fallen to 233.5 earlier in the week.
The naira has been on the ropes on the parallel market since the Central Bank of Nigeria introduced new measures two weeks ago restricting importers from sourcing the greenback from the interbank market, shifting dollar demand to the black market.
The naira, which was selling at 218 before the new forex rule, had been dropping steadily against the dollar since then.
Analysts had predicted that the naira might fall to 250 against the dollar if the current demand pressure persisted.
The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, had on Wednesday said the central bank’s forex rules were yielding results as the external reserves had started to recover gradually.