Official FX: Naira slips again, ends July at N1,368.22/$

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.

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 currency weakened further to N1,365.53 per dollar.

On Wednesday, the naira slipped again to N1,366.71 per dollar, before recording another marginal decline to N1,366.72 per dollar on Thursday. By Friday, the currency had weakened further, ending the month at N1,368.22 per dollar.

Although the losses recorded during the week were relatively small, they reflected a steady downward movement in the exchange rate as July came to an end. Analysts have continued to monitor developments in the foreign exchange market, where the CBN has introduced several policy measures in recent months to improve transparency and increase the supply of foreign currency.

The apex bank has repeatedly maintained that its reforms are designed to create a more stable and efficient foreign exchange market while encouraging greater investor participation and supporting long-term economic growth.

The latest closing rate means the naira finished July slightly weaker against the US dollar compared to where it traded earlier in the month, highlighting the continued pressure on the local currency despite efforts to strengthen the foreign exchange market.

The exchange rate figures were published by the Central Bank of Nigeria, while the report was provided by the News Agency of Nigeria.