- Odibo Victory
The naira ended July on a weaker note at the official foreign exchange market, closing at N1,368.22 against the dollar on Friday, extending its week-long depreciation.
Data from the Central Bank of Nigeria (CBN) showed that the local currency lost N1.49, or 0.1 per cent, from N1,366.72 per dollar recorded on Thursday.
Although the naira remained relatively stable for most of July, it recorded marginal losses throughout the week despite the apex bank’s ongoing foreign exchange reforms.
The local currency opened trading on Monday at N1,362.20 per dollar, representing an 11-kobo depreciation from the previous trading session. It weakened further to N1,365.53 per dollar on Tuesday before closing at N1,366.71 per dollar on Wednesday.
The downward trend continued on Thursday, with the naira closing at N1,366.72 per dollar, before ending the month at N1,368.22 per dollar on Friday.