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The naira depreciated against the U.S. dollar at the official Investors and Exporters' window as the dollar supply dropped significantly by 58.5%.
The official rate of the local currency dropped on Tuesday to close at N411.50 to a dollar, representing a 0.1% loss compared to N411.07/$1 recorded on Monday, 7th June 2021.
The dollar supply dropped by 58.5% as the Central Bank of Nigeria announced an increase of forex allocation to deposit money banks for SMEs, travellers, and others, in order to boost liquidity.
However, the naira remained stable against the US dollar on Tuesday at the parallel market to close at N502 to a dollar.
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