Nigeria: CBN forex reserves rise 7.9% m/m to USD 36.6bn at end-Sep on Eurobond sale

Nigeria sold USD 4.0bn Eurobond and mulls additional Eurobonds after very successful issue

Oil-related FX inflows pick up on higher oil prices, easing production restrictions

We believe some USD 8-10bn of FX reserves are pledged in swaps, which is 25-30% of total reserves

Central bank adopted NAFEX as new official FX rate in May, devaluing naira by 8%

Central bank ended FX sales to bureau-de-change in July, sending parallel FX rate to record low