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Published On: Thu, May 28th, 2015

Foreign reserves rise to N29.6bn – CBN

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CBN-central-bank-of-NigeriaBy Osby Isibor.

The Central Bank of Nigeria (CBN) said the Nigeria’s foreign exchange reserves stood at 29.61 billion dollars as at May 27.

This is contained in a posting on the bank’s website on Thursday.

The CBN said the figure was an increase of 0.3 per cent from 29.52 billion dollars recorded on April 27.

It said the 29.61 billion represented the ‘gross’ amount while 28.74 billion was ‘liquid’ while 875 million as ‘blocked’.

The CBN had in 2014 relied heavily on external reserves to support the Naira which came under pressure following a fall in the price of crude oil.

According to the CBN, the continuous pressure on the foreign exchange market is due to the rise in the internal demand for the dollar.

The price of crude at the international market now hovers between 62.39 and 65 dollar per barrel.

 

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