The Nigerian naira ended the month of July on a weaker note against the United States dollar at the official foreign exchange market, closing at ₦1,368.22/$ on Friday after recording a gradual decline during the final trading week of the month.
Data released by the Central Bank of Nigeria (CBN) showed that the local currency depreciated by ₦1.50, representing 0.1 per cent, from Thursday’s closing rate of ₦1,366.72/$.
Although the naira traded within a relatively stable range for most of July, it came under mild pressure in the closing days of the month despite the apex bank’s ongoing foreign exchange reforms aimed at improving market liquidity and stability.
The currency began the final trading week of July at ₦1,362.20/$ on Monday, reflecting an 11-kobo decline from the previous session.
It weakened further to ₦1,365.53/$ on Tuesday before closing at ₦1,366.71/$ on Wednesday.
The downward trend persisted on Thursday, with the naira settling at ₦1,366.72/$, before ending the month at ₦1,368.22/$ on Friday.
The latest figure means the naira recorded five consecutive sessions of marginal depreciation at the official Nigerian Foreign Exchange Market (NFEM), bringing July trading to a close on a softer note.
Despite the week-long losses, the local currency maintained relative stability throughout the month, with only modest day-to-day fluctuations compared to the sharp volatility witnessed in previous periods.
