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.