Naira Falls Again – Now N1,612 per Dollar in Official Market
On Wednesday, May 7, 2025, the Nigerian naira weakened further in the official Nigerian Foreign Exchange Market (NFEM), closing at N1,612 per US dollar. This represents a marginal decline from the previous day’s rate of N1,609/$1, as reported by the Central Bank of Nigeria (CBN).
Market volatility intensified during the trading session, with the exchange rate fluctuating between N1,615/$1 and N1,605.01/$1—a broader range compared to Tuesday’s movement between N1,609.5/$1 and N1,603/$1.
The depreciation persists despite the CBN’s ongoing interventions, including increased forex market participation and a modest rise in external reserves. Analysts attribute the naira’s struggles to lingering dollar shortages and delayed foreign currency inflows, which continue to limit market supply.
While the central bank has reaffirmed its commitment to exchange rate stability, traders caution that sustained pressure may lead to further depreciation unless dollar inflows improve and investor confidence strengthens.
