The naira experienced its most significant depreciation against the US dollar at the parallel market on Wednesday, May 7.
Local market checks in parts of Lagos revealed that the exchange rate plunged to ₦1,625 per dollar, down from ₦1,610 on Tuesday — a sharp ₦15 drop, marking the steepest single-day fall in the currency’s value this week.
At the official market, the naira also weakened further, slipping to ₦1,608.60 on Wednesday from ₦1,605.62 on Tuesday. This marks the third consecutive day of losses for the naira at the official exchange window.
