The scarcity of dollars at the parallel market on Tuesday in Lagos forced the Naira down to N480 to a dollar.

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The Pound Sterling and the Euro exchanged at N610 and N550, respectively.

Trading at the investorsā€™ window saw the naira closing at N385.98 to a dollar as investors traded a total of 20.27 million dollars.

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The naira, however, was sold at N381 to a dollar at the official Central Bank of Nigeria (CBN) window.

NAN reports that the apex bank had hitherto relied on the nationā€™s foreign reserve and the Diaspora remittances in its interventions at the foreign exchange market.

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But recent data from the CBN showed that the nationā€™s foreign reserve fell by 544.94 million dollars from 36.17 billion dollars on July 1 to 35.62 billion dollars on Aug. 3.

The country depends heavily on petrol dollars to shore up its foreign reserve.

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