The naira fell slightly at the parallel market, as it exchanged to the dollar for 460 naira per dollar yesterday.

The naira had exchanged to the dollar last week for 458 naira.

Figures obtained from the Central Bank of Nigeria revealed that the country’s external reserves which stood at 35.75 billion dollar as of October 2 had lost 78.34 million dollar to close at 35.67 billion dollar as of October 16.

The CBN stated that Sequel to the COVID-19 pandemic, the viability of the external sector in 2020 is expected to deteriorate, given the present worsening current account balance and depletion of external reserves driven, largely, by decelerating export receipts, particularly oil.