In the just concluded week, Naira weakened against the USD at the Investors & Exporters Window as well as the Bureau De Change and Parallel markets by 0.12%, 0.40% and 0.40% respectively to close at N411.75/USD, N500/USD and N505.00/USD respectively. We saw the FX reserves decline w-o-w by 0.33% to close at USD33.12 billion as at July 9, 2021, despite the sustained increase in crude prices. Meanwhile, NGN/USD exchange rate closed flat at N380.69/USD at the Interbank Foreign Exchange market amid weekly injections of USD210 million by CBN into the forex market: USD100 million was allocated to Wholesale Secondary Market Intervention Sales (SMIS), USD55 million was allocated to Small and Medium Scale Enterprises and USD55 million was sold for invisibles.