What is going on with the Naira? I had high hopes that Naira will appreciate as May 29th is approaching but the value keeps depreciating. Somebody will have Naira in his account but cannot spend it.

How much is it when you want to sell?

When you a net importer and import, the person selling to you makes a cut off you, and central banks don't take this cut or loss of value into account when printing money. That's the primary cause of weakened currency.
Another is sudden inflation caused by lower production or supply.

The key to reversing currency weakening is robust production of everything you can do. Funnily, we tend to do the opposite and blame the CBN governor or finance ministers in Nigeria. They don't affect production directly most times in reality.

CondenseMilk:
How much is it when you want to sell?

Lower than 700 naira