Nigeria, April 29 -- Central Bank of Nigeria figures show the currency dropped from N1,369 reported a day before, therefore extending its recent downward trend. With an average rate settling marginally lower, intraday trading saw the naira oscillate between N1,367.50 and N1,385.

The newest movement corresponds with another fall in Nigeria's external reserves, which fell to roughly 48.38 billion dollars as of April 27. The decline shows continuous FX market interference and increasing foreign commitments, both of which keep bearing down on the nation's dollar buffer.

The News Chronicle reports that, although global conditions offer little help, the naira's weakness is still mostly driven by constant demand for foreign currency, especial...