The Nigerian naira depreciated further against the US dollar at the official foreign exchange market, closing at N1,609/$1 on Tuesday, May 6, 2025.
This represents a N4 decline from the previous day’s closing rate of N1,605/$1, based on figures published by the Central Bank of Nigeria (CBN).
The continued slide in the exchange rate reflects sustained pressure on the country’s external reserves and a widening demand-supply gap in the foreign exchange market.