Nigeria naira hit a new record low of 436 on the black market on Thursday as dollar shortages on the official market persist, funelling importers to the unofficial market, amidst declining currency reserves in Africa's biggest economy, traders said.
Currency at record black market low as dollar reserves shrink
The naira ended at 305.50 per dollar on the official market, a level its has closed at for the past one month.
Nigerian naira notes are seen in this picture illustration March 15, 2016
Nigeria's dollar reserves stood at $24.83 billion by Sept. 19, down 3.4 percent from a month ago, to its lowest level in more than 11-years, as the central bank sells the greenback on the interbank market to support the naira.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Uzodinma is a symbol of peaceful religious co-existence in Nigeria - NAHCON
'We know Wike is your boss': Edwin Clark fires warning to PDP acting chair
Cardoso what’s wrong? Nigerians ask questions as naira depreciates further
Hajj Commission thanks 'Christian Uzodinma' for being its pillar of support
Why our plane made emergency landing at Lagos airport, Air Peace clarifies
Over 75% of Katsina children are multidimensionally poor – UNICEF
PDP unveils 200-member campaign council for Ighodalo's guber election in Edo
Tinubu approves resumption of repair work on Third Mainland Bridge
Ondo Poll: Ganduje consoles Jimoh Ibrahim after crushing defeat in APC primary
ADVERTISEMENT