Business
…Foreign Reserves Rise To N29.6bn
The Central Bank of
Nigeria (CBN) says the nation’s foreign exchange reserves stood at to 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’.
Reports say that 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.