Nigeria’s external reserves fell by 0.15% from last month to $39.56 billion in September according to latest data from the Central Bank of Nigeria (CBN). That’s a 13.6% decline from the same period of last year.
The CBN sold $ 499.9 million at its only RDAS auction of this week because of public holyday for Independence Day. That amount shows that CBN is willing to dig deep in order to protect the Naira against the USD.
The CBN has sold $ 17.58 billion during the first six months of this year in a bid to save the Naira from further depreciation,
The Naira is currently trading at 163.69 against the USD on the inter-bank market. On Monday it crossed 164 before getting pegged back because of the CBN auction.