The naira recorded the steepest drop against the US dollar in the parallel market on Wednesday, May 7, 2025, signaling growing pressure on Nigeria’s local currency despite recent efforts by the Central Bank to stabilize the foreign exchange market.
On Wednesday, the naira weakened even further to trade at N1,625 per dollar, compared to the previous day’s rate of N1,610. This marks a N15 drop within just 24 hours, making it the sharpest single-day depreciation of the naira in the black market so far this week.
In the official Investors’ and Exporters’ (I&E) window, the naira also declined, dropping to N1,608.60 per dollar on Wednesday, compared to N1,605.62 traded the day before. This marks the third consecutive day of losses at the official market, reflecting a broader trend of instability in Nigeria’s exchange rate environment.
