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Naira At Record Parallel 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, funelling 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.

About Editor

Otunba Sayo Akintola is a 1992 graduate of Linguistics from the University of Ibadan, Oyo State. He holds a post-graduate diploma in Financial Management and MBA from Abubakar Tafawa Balewa University, Bauchi. He started his 12-year sojourn in journalism at the Nigerian Tribune in 1993 as Business and Economy reporter. He rose through the ranks to become the Group Business Editor of the nation’s oldest surviving private national newspaper, the Nigerian Tribune. He set up World Street Journal magazine in 2018.

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