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Nigeria naira at record black market low as dollar reserves shrink – Reuters

HomeNewsNigeria naira at record black market low as dollar reserves shrink – Reuters
22
Sep
Nigeria naira at record black market low as dollar reserves shrink – Reuters
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LAGOS, Sept 22 (Reuters) – Nigeria naira hit a new record low of 436 on the black market on Thursday as dollar shortages on the official market persist,¬†funneling¬†importers to the unofficial market, amidst declining currency reserves in Africa’s biggest economy, traders said.

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.

The naira ended at 305.50 per dollar on the official market, a level its has closed at for the past one month. (Reporting by Oludare Mayowa; Writing by Chijioke Ohuocha Editing by Jeremy Gaunt)

 


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