The Nigerian naira on Friday recorded its steepest daily depreciation against the US dollar at the official foreign exchange market, closing the week on a downbeat note despite ongoing interventions by the Central Bank of Nigeria (CBN).
According to data from the CBN, the naira weakened to N1,602.18 per dollar on May 2, down from N1,596.68 the previous day. This represents a N5.49 drop — the most significant single-day depreciation since April 22, 2025.
The latest dip underscores persistent volatility in the official FX market, even as monetary authorities continue efforts to stabilize the currency and manage liquidity challenges.
In contrast, the naira showed modest strength in the parallel market, appreciating by N3 to trade at N1,605 per dollar, compared to N1,608 on Thursday. The divergence between the official and black-market rates remains a concern for analysts, who warn that currency instability could further complicate Nigeria’s economic recovery.
The Daily Post reports that despite recent policy reforms and foreign exchange inflows, the naira has struggled to maintain consistent gains, reflecting deep-rooted structural and demand-supply imbalances in the FX market.
Financial analysts are watching closely to see how the CBN will respond in the coming days, especially amid rising inflation and pressure on foreign reserves.
