Nigerian Naira Ends July Weaker Against Dollar

Nigeria's naira closed July on a weaker note, depreciating by N1.50 to settle at N1,368.22 against the US dollar on Friday. This marked the continuation of a week-long decline, despite efforts by the Central Bank of Nigeria to stabilize the currency through ongoing foreign exchange reforms.

The local currency had remained relatively stable for most of July. However, it began to show marginal losses towards the end of the month. The naira opened the trading week at N1,362.20 per dollar on Monday, already reflecting an 11-kobo depreciation from the previous session. It continued its downward trend, weakening to N1,365.53 on Tuesday and N1,366.71 on Wednesday.

By Thursday, the naira closed at N1,366.72 per dollar, before concluding the month at N1,368.22 on Friday. The data highlights the ongoing challenges in managing the foreign exchange market despite the apex bank's reform initiatives.