Naira weakens further as July ends with continued losses
The naira finished July on a weaker note at the official foreign exchange market, continuing its week-long depreciation. Data from the Central Bank of Nigeria showed the currency experienced marginal losses despite ongoing foreign exchange reforms. The naira remained relatively stable throughout the month but posted declines during the final week. The local currency's downward trend persisted as the month closed.
TLDR
- The naira closed July at N1,368.22 per dollar on Friday.
- It depreciated by N1.50 from N1,366.72 per dollar recorded on Thursday.
- The currency opened the week at N1,362.20 per dollar on Monday.
- It weakened to N1,365.53 per dollar on Tuesday and N1,366.71 per dollar on Wednesday.
- The naira's losses continued despite ongoing reforms by the Central Bank of Nigeria.
