Naira closes July weaker at N1,368.22/$ in official market
By Aboki Forex —
The naira ended July on a weaker note at the official foreign exchange market, settling at N1,368.22 per dollar on Friday. This extends a week-long depreciation that saw the local currency lose ground against the US dollar.
Data from the Central Bank of Nigeria showed the naira depreciated by N1.50, or 0.1 per cent, from the N1,366.72 per dollar recorded on Thursday.
Weekly slide
The currency opened the week on Monday at N1,362.20 per dollar, reflecting an 11-kobo depreciation from the previous trading session. By Friday, the cumulative decline for the week stood at N6.02 against the dollar.
The sustained drop points to continued demand pressure in the official window, with the naira struggling to hold gains recorded earlier in the month.
Implications for businesses
For Nigerian businesses that rely on imported inputs, a weaker naira raises procurement costs and adds pressure on consumer prices. The latest close also signals that the naira remains sensitive to dollar supply conditions as the country heads into the second half of the year.