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, according to data released by the Central Bank of Nigeria (CBN).
The latest figures showed that the local currency depreciated by N1.50, representing a 0.1 per cent decline from Thursday’s closing exchange rate of N1,366.72 per dollar.
Despite remaining relatively stable for most of July, the naira came under slight pressure during the final week of the month, recording gradual losses over five consecutive trading days. The depreciation came even as the CBN continued implementing reforms aimed at improving liquidity, boosting investor confidence, and stabilising the foreign exchange market.
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The trading week began on Monday with the naira closing at N1,362.20 per dollar, a slight depreciation of 11 kobo from the previous trading session. The downward trend continued on Tuesday, when the local
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