Nation’s dollar reserve falls to $24.59bn

Foreign exchange reserves fell to $24.59 billion by Sept. 28, down 3.37 percent from the previous month, latest central bank data showed on Friday, as the bank stepped up its intervention to prop up the ailing naira currency.

The nation’s reserves stood at $25.45 billion last month. The reserves had declined 19 percent from a year ago.

The central bank has been selling the dollar to support the currency, but the naira hit a fresh all-time low of 490 per dollar on the black market on Friday.