Monday, 30 November 2015

Nigeria’s foreign reserves fall to $30.04billion

Central Bank of Nigeria (CBN)
Nigeria’s foreign reserves fell to $30.04 billion by Thursday, November 26, the Central Bank of Nigeria has said.

The bank disclosed this on its website on Monday.

It said the figure dropped by $7 million, from $30.11 billion recorded on October 26.

The bank said the $30.04 billion represented the “gross” amount, while $29.33 billion was “liquid” and $719.32 million “blocked”.

Nigeria’s foreign reserves oscillated between $28 billion and $36 billion in the last one year.

The reserves hit $36.3 billion in October 2014, fell to $32.4 billion in January 2015, and stood at $28.6 billion by May 2015.

Under the new government of Muhammadu Buhari, the reserves gained marginally to $31.9 billion by July, before sliding again to $29.9 billion by September.

The CBN said the continuous pressure on the foreign exchange market was due to the rise in the internal demand for dollars.

According to the bank, the price of crude oil at the international market stood at 44.27 dollar per barrel as at November 30.


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