UPDATE 1-Nigeria naira at record black market low of 600/USD - traders

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ABUJA, May 17 (Reuters) - Nigeria's naira hit a record low of 600 naira per dollar on Tuesday on the black market, where it trades freely, traders said.

The naira has been weakening sharply on the unofficial market since 2020. However, it has been stable on the official market NGN=, trading within a range of 413 to 417 naira due to dollar shortages.

It hit a low of 444 naira on the official spot market on Tuesday.

Increased political spending ahead of month-end election primaries has hit the currency, traders said, coupled with a stronger dollar as U.S. interest rates rise.

Political parties in Nigeria are due to pick presidential candidates by June 3, according to the electoral commission, while official campaigning will begin in September ahead of elections early next year.

President Muhammadu Buhari will step down after serving two four-year terms following the February 2023 ballot. The ruling All Progressives Congress (APC) has set its primaries to decide on its presidential candidate for May 30 and 31. (Reporting by Chijioke Ohuocha; Editing by Estelle Shirbon)