Naira wraps up July on a downward note, settles at N1,368.22 to the dollar

The naira's value declined further at the official foreign exchange market on Friday, wrapping up July at N1,368.22 per dollar, a continuation of its downward spiral that began earlier in the week.

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According to figures from the Central Bank of Nigeria, the naira experienced a depreciation of N1.50, representing a 0.1 per cent decrease from the N1,366.72 per dollar recorded on Thursday.

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Throughout July, the naira had remained relatively stable, but it did incur marginal losses over the course of the week, despite the Central Bank of Nigeria's ongoing foreign exchange reforms.

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The week began with the naira valued at N1,362.20 per dollar on Monday, marking an 11-kobo decline from the preceding trading session.

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The currency's value slipped further to N1,365.53 per dollar on Tuesday, and then to N1,366.71 per dollar by the close of trading on Wednesday.

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On Thursday, the naira continued its downward trend, closing at N1,366.72 per dollar, before ultimately ending the month at N1,368.22 per dollar on Friday.