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BNY Mellon New Jersey muni money-market fund's NAV fell below $1.00

BOSTON, March 23 (Reuters) - BNY Mellon Corp on Monday said its New Jersey municipal money-market fund's stable net asset value fell below $1.00 per share last week.

The $51 million fund's net asset value dropped to $0.9968 per share, prompting the bank to file a material event disclosure with the U.S. Securities and Exchange Commission.

It is unusual for a stable money-market fund's NAV to fall below $1.00 a share. In the SEC filing, BNY Mellon said the fund's net asset value 'deviated' from its intended $1.00 per share stable value.

(Reporting By Tim McLaughlin Editing by Chris Reese)