UNPRECEDENTED, Naira Hits Record Low of N436 To Dollar | News Proof

UNPRECEDENTED, Naira Hits Record Low of N436 To Dollar

UNPRECEDENTED, Naira Hits Record Low of N436 To Dollar
In an unprecedented record low, the Nigeria currency, the Naira today exchange at N436 to a United States dollar at the black market.

Reason for the low rate is adduced to persistent dollar shortages at the official market, funnelling importers to the unofficial market, amidst declining currency reserves in Africa's biggest economy, traders said according to Reuters


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.

At the official market, the naira ended at 305.50 per dollar, a level its has closed at for the past one month.
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