Naira ends July weaker, closes at N1,368.22/$

The naira closed July on a weaker note at the official foreign exchange market, extending its week-long depreciation to settle at N1,368.22 per dollar on Friday.

Data from the Central Bank of Nigeria showed that the local currency depreciated by N1.50, or 0.1 per cent, from N1,366.72 per dollar recorded on Thursday.

The naira remained relatively stable throughout July but posted marginal losses during the week despite ongoing foreign exchange reforms by the apex bank.

The currency opened the week on Monday at N1,362.20 per dollar, reflecting an 11-kobo depreciation from the previous trading session. Related News NNPC records N535bn profit in June Nigeria’s daily gas supply hits 2.05bcf, but falls 35% short — NUPRC Customs intercepts N809.6m expired vape in Lagos

It weakened further to N1,365.53 per dollar on Tuesday before closing at N1,366.71 per dollar on Wednesday.