Naira hits low of 251/$ on unofficial market, dollar reserves fall

Nigeria's naira fell 2 percent to a low of 251 to the dollar on the unofficial market on Wednesday as the central bank reduced dollar supplies to bureaux de change operators due to incomplete documentation, traders said.

The bank sold $30.5 million to 1,017 bureaux de change agents, excluding around 1,801 others from its weekly sale. Wednesday's sale was lower from the $84.5 million it offered two weeks ago.

On the official interbank market, the naira traded at 199.47 at 1139 GMT, close to a rate at which it has been pegged since February.

Meanwhile the nation's reserves shed 1.1 percent in a week to $29.59 billion as of Dec. 7, according to data today from the Central bank of Nigeria.