Nigeria, May 25 -- The News Chronicle reports that the official market saw the naira end the week at N1,375.46 per dollar, representing a 0.32 percent weekly drop, while the black market experienced a slight decline to about N1,370 per dollar.

The movement draws attention to the ongoing strain caused by high demand for foreign exchange and limited liquidity across the banking system.



Nigeria's foreign reserves concurrently increased somewhat to $48.72 billion, giving some comfort to investors following the stability of the nation's foreign exchange.

Analysts think that even with import demand and investor uncertainty still hurting the naira, the increase in reserves can help reduce volatility in major markets in the short run.

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