The Nigerian naira has experienced its fifth consecutive day of depreciation in the official foreign exchange market, closing at N1,368.22 per dollar on July 31, 2026. This marks a decline from N1,366.73 the previous day, indicating a daily depreciation of N1.49. In the parallel market, the naira also weakened, trading at N1,425 per dollar, down from N1,418. Over the week, the naira has depreciated by N6.13 at the official market and N15 in the parallel market. The country's foreign reserves are reported to be at $51.92 billion as of July 30, 2026. This ongoing depreciation raises concerns about the stability of the naira amid economic challenges.
NigeriaNewsFeed summary based on reporting from DailyPost.
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