LAGOS: 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.

Copyright Reuters, 2016