Foreign reserve falls as Naira trades at N436 per dollar

The Nai2016_09_23_86652ra 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 September 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.

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