ABUJA - Nigerian non-deliverable currency forwards hit a new record low on Friday, Refinitiv data showed, days after the central bank lifted restrictions and allowed the naira to drop more than 36% on the spot market.

Non-deliverable currency forwards, a derivative product used to hedge against future exchange rate moves, indicated markets expected the naira's exchange rate at 715 to the dollar in one months' time.

The naira swung widely in trading on the spot market for a third day on Friday. It hit a low of 765 naira and recovered to 463.75 naira. It was quoted at 661 naira at 1044 GMT.

The central bank on Wednesday said all currency trading would now take place at what is known as its Investors and Exporters (I&E) window and re-introduced the "willing buyer, willing seller" model in a move that unified its multiple exchange rates.

(Reporting by Chijioke Ohuocha; Editing by Alex Richardson)