The Nigerian Naira weakened significantly in the parallel market on Friday, May 30, 2025, closing at N1,630/$1 after holding steady at N1,620/$1 for several days, according to Nairametrics Research.
The depreciation trend extended to other major currencies. Against the British pound, the Naira dropped to N2,190/£1 from N2,170/£1 on Thursday and N2,165/£1 on Wednesday. This marks a consistent downward trajectory throughout the week.
In contrast, the previous week had seen modest gains, with the Naira strengthening from N1,625/$1 to N1,620/$1 between Wednesday and Thursday.
Meanwhile, the official market showed mixed signals. The Naira closed at N1,585.5/$1 on Friday, a slight improvement from N1,587/$1 the previous day. CBN data reveals the currency stood at N1,592/$1 on Wednesday, N1,590/$1 on Tuesday, and opened the week at N1,583/$1.
Performance across other currencies was varied. The Naira appreciated against the pound earlier in the week, reaching N2,135/£1 on Thursday from N2,155/£1 on Wednesday. Against the euro, however, it weakened to N1,835/€1 on Thursday, down from N1,820/€1 earlier in the week.
Oil Market Pressures
Further pressure on the Naira comes from global oil market dynamics. OPEC+ announced a planned production increase of 411,000 barrels per day starting July 2025. The group cited stable global economic conditions and low inventory levels as the basis for the decision, continuing a phased return from the 2.2 million bpd voluntary cuts agreed in December 2024.
