The naira depreciated slightly by 0.3 percent against the dollar at the official foreign exchange (FX) market in July, even as Nigeria’s external reserves rose by $2.16 billion, reflecting improved FX inflows and continued market stability.
The local currency, which opened at N1,529.57 per dollar on July 1, 2025, closed the month at N1,533.55 on Thursday, losing N3.98 over the 31-day period, according to data published by the Central Bank of Nigeria (CBN).
On a day-on-day basis, the naira remained stable on Thursday, closing at N1,533.55 per dollar, a marginal gain of N0.97 or 0.06 percent from the N1,534.52 recorded the previous day at the Nigerian Foreign Exchange Market (NFEM).