CBN Sells Dollars to Support Naira

Nigeria's central bank has been selling dollars at twice-weekly auctions to help the naira, which recently traded at three-year lows.

On Sept. 29, the bank increased the amount of dollars it offered to sell to $500 million, up from $350 million it has offered in the past quarter.

Nigeria's foreign exchange reserves fell further to US$39,472,895,554.8 by Oct. 2, from $39.56 billion by Sept. 26