Nigeria's currency, the naira, experienced its most significant depreciation against the US dollar at the official foreign exchange market on Wednesday, May 28th, 2025, a stark development as President Bola Ahmed Tinubu commemorated his second year in office. The deepening slide of the naira casts a long shadow over the economic reforms implemented by the administration.

Data released by the Central Bank of Nigeria (CBN) revealed that the naira weakened further to N1,590.74 per dollar on Wednesday, a notable decline from N1,583.73 recorded on Tuesday. This N7.01 day-on-day dip marks the highest single-day depreciation observed since May 26th, 2025, signalling escalating pressure on the national currency.

The parallel or black market also mirrored this negative trend, with the naira shedding N3 to trade at N1,620 per dollar on Wednesday, down from N1,617 the previous day. This consistent weakening across both official and unofficial channels underscores the persistent challenges facing Nigeria's foreign exchange landscape. Reports from BrandIconImage on Tuesday had already indicated a widespread depreciation of the naira across various foreign exchange markets, setting the stage for Wednesday's dramatic decline.

A key policy shift under President Tinubu's administration was the flotation of the naira in the foreign exchange market in June 2023. This move, intended to unify exchange rates and attract foreign investment, has instead seen the naira depreciate significantly from an average of N460 per dollar at the time of the policy's implementation to the current N1,590.74 on Wednesday, May 28th, 2025. 

The substantial erosion of the naira's value presents considerable economic headwinds for the nation, impacting everything from import costs to the overall purchasing power of citizens. As the administration enters its third year, addressing the persistent volatility and decline of the naira will undoubtedly remain a critical focus.