The naira closed July on a weaker note at the official foreign exchange market, extending its week-long depreciation to settle at N1,368.22 against the dollar on Friday.
Data from the Central Bank of Nigeria (CBN) showed that the local currency depreciated by N1.49, or 0.1 per cent, from N1,366.72 per dollar recorded on Thursday.
The naira remained relatively stable throughout July but posted marginal losses during the week despite ongoing foreign exchange reforms by the apex bank.
The currency opened the week on Monday at N1,362.20 per dollar, reflecting an 11-kobo depreciation from the previous trading session.
It weakened further to N1,365.53 per dollar on Tuesday before closing at N1,366.71 per dollar on Wednesday.
The local currency maintained its downward trend on Thursday at N1,366.72 per dollar before ending the month at N1,368.22 per dollar on Friday.
