The Nigerian naira depreciated by 5% to NGN1,533.99, erasing the previous day's 4% gain despite the Central Bank of Nigeria (CBN) injecting $80 million to $100 million into the forex market.

This drop marks a two-month low for the currency, which has been labeled as the worst-performing.

Market concerns are heightened by maturing naira futures contracts worth $1.3 billion and uncertainties regarding offshore investors' actions.

In response to the high inflation rate of 33.7% in April, Nigeria is considering an interest rate hike as part of the CBN's strategy.

The ongoing currency decline continues to pose significant economic challenges for the country.