Nigeria naira at record black market low as dollar reserves shrink

Nigeria naira hit a new record low of 436 on the black market on Thursday as dollar shortages on the official market persist,traders said.
Traders said dollar shortage continue to fuel demand at 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.
Traders said there had been no significant policy response to the fall in the reserves, further fuelling the concerns.
The naira was quoted at 315 to the dollar on the official interbank market on Thursday, down from 305 a dollar, where it had settled in the last one week.