The Nigerian currency records a marginal 0.1 per cent loss on Friday, extending its weekly decline despite relative stability throughout July

The naira ended July on a weaker note at the official foreign exchange market on Friday, closing at N1,368.22 per dollar as the currency extended its week-long depreciation despite remaining relatively stable throughout the month.

Also read: Naira gains strength as Dollar falls to ₦1,362 in FX market

Data from the Central Bank of Nigeria showed that the local currency lost N1.50, representing a marginal 0.1 per cent decline, from the N1,366.72 per dollar recorded at the close of trading on Thursday.

The latest movement marked a modest continuation of the naira July depreciation, with the currency posting gradual losses across the final trading sessions of the month.

The naira opened the week at N1,362.20 per dollar on Monday, representing an 11-kobo decline from the previous trading session.

The currency weakened further on Tuesday, closing at N1,365.53 per dollar, before settling at N1,366.71 per dollar on Wednesday.

The downward movement continued on Thursday, when the naira closed at N1,366.72 per dollar.

By Friday, the currency had slipped further to N1,368.22 per dollar, bringing the week’s gradual depreciation to a close as July trading ended.

Despite the softer performance in the final week, the naira remained broadly stable through much of July, reflecting the relatively calm conditions in the official foreign exchange market.

The latest figures come as the Central Bank of Nigeria continues to implement foreign exchange reforms aimed at improving market efficiency, strengthening transparency and promoting greater stability in the currency market.

The marginal losses recorded during the week suggest that pressure on the naira has persisted, although the movement remained relatively limited compared with periods of sharper volatility experienced in the foreign exchange market.

Also read: Naira weakens to N1,381.70 despite CBN efforts

As the new month begins, attention is likely to remain focused on foreign exchange liquidity, market demand and the impact of the Central Bank’s ongoing reforms on the naira’s performance at the official market.