Nigerian Naira Weakest in Five Trading Days
The Nigerian naira's value against the US dollar has continued to weaken at the official foreign exchange market. The Central Bank of Nigeria (CBN) reported that the local currency closed July at N1,368.22 per dollar.
This marks a decline of N1.50 from Thursday's closing rate of N1,366.72 per dollar, representing a 0.1% decrease. Despite remaining relatively stable for most of the month, the naira came under pressure during the final week of July.
The downward trend began on Monday with the naira closing at N1,362.20 per dollar, followed by further losses on Tuesday and Wednesday, reaching a low of N1,366.71 per dollar before rebounding slightly to N1,366.72 on Thursday.
By Friday, the currency had weakened further, ending the month at N1,368.22 per dollar. The CBN has implemented reforms aimed at improving liquidity and stabilizing the foreign exchange market, but these efforts have not yet translated into a significant strengthening of the naira against the US dollar.