Nigeria, March 30 -- The parallel market came under greater pressure as the local currency fell by 2.21% to approximately N1,386 per dollar. The greater disparity between the two markets indicates ongoing demand for foreign currency and tighter liquidity conditions outside the official system.

External reserves in Nigeria increased slightly to $49.97 billion from $49.83 billion, despite currency pressure. Though experts claim it may not be adequate for extended intervention by the Central Bank of Nigeria, the marginal gain implies some degree of buffer stability.

The News Chronicle gathered that, as growing geopolitical tensions have driven investors toward the US dollar, thereby strengthening it against emerging market currencies, the...