Naira Ends July Lower, Closes at N1,368.22 Against US Dollar

The Nigerian naira ended the month of July on a weaker note at the official foreign exchange market, closing at N1,368.22 per US dollar on Friday after recording a slight decline throughout the week.

According to data released by the Central Bank of Nigeria (CBN), the local currency depreciated by N1.50, representing a 0.1 per cent drop from Thursday's closing rate of N1,366.72/$.

Although the naira remained relatively stable for most of July, it came under mild pressure during the final trading week despite the CBN's ongoing foreign exchange reforms aimed at improving market stability.

The currency opened the week at N1,362.20/$ on Monday before weakening to N1,365.53/$ on Tuesday. It slipped further to N1,366.71/$ on Wednesday, edged down to N1,366.72/$ on Thursday, and eventually closed the month at N1,368.22/$ on Friday.

The latest figures indicate a gradual depreciation of the naira over the week, reflecting continued pressure in Nigeria's foreign exchange market.

Source: News report based on data from the Central Bank of Nigeria and the News Agency of Nigeria (NAN).

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