Nigeria's 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 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
"Dollar is very scarce in the market right now because many people don't know how low it will fall in the near term, so people are holding on to their hard currencies in order to watch the direction of the market," one dealer said.
Traders from neighbouring countries and some importers had also been moving in recently, mopping up dollars and putting pressure on the naira in a possible speculative bid, Aminu Gwadabe, president of the association of bureau de change operators told Reuters.
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