Nigeria, April 7 -- Nigeria's external reserves have come under fresh pressure, dropping by about $850 million within three weeks as foreign exchange demand intensifies and fiscal spending linked to the election cycle rises.



According to recent data from the Central Bank of Nigeria, reserves fell from $50.03 billion in mid-March to $49.18 billion by early April, reversing a consistent build-up observed in recent months.



According to market operators, the decline is caused by a variety of factors, with continued FX operations by the top bank taking center stage. Efforts to steady the naira have necessitated constant injections of dollars into the economy, therefore slowly depleting the reserve buffer.

Simultaneously, internationa...