Nigeria’s Foreign Reserves Drops To $30.04bnNigeria’s Foreign Reserves Drops To $30.04bn
Nigeria’s Foreign Reserves Drops To $30.04bn
The Central Bank of Nigeria (CBN) on Monday said that as at November 26, the nation’s foreign reserves had dropped to 30.04 billion dollars.
The apex bank made this disclosure on its Website.
It said that the figure dropped by $7 million from $30.11 billion recorded in Oct. 26.
The CBN noted that the $30.04 billion represented the ‘gross’ amount, $29.33 billion was ‘liquid’, while $719.32 million was ‘blocked’.
Nigeria’s foreign reserves in the last one year has ranged between $28 billion and $36 billion.
In October 2014, it rose to $36.3 billion but dropped to $32.4 billion in January 2015, before dropping further to $28.6 billion as at May 2015.
Under the new government of President Muhammadu Buhari, the reserves experienced a slight build up 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 is due to the rise in the internal demand for dollars.
According to the apex bank, the price of crude oil at the international market stood at $44.27 per barrel as at Nov. 30.