Nigeria’s foreign reserves hit $34.49 bn

Godwin Emefiele, CBN governor

The Central Bank of Nigeria, CBN, on Wednesday pegged the nation’s foreign exchange reserves at 34.49 billion dollars (N5.74 trillion) as at January 5.

The CBN posted the foreign exchange reserves data on its website.

According to the bank, the figure represents an increase of 20 million dollars (N3.36 billion) from the 34.47 billion dollars (N5.79 trillion) recorded on December 31, 2014.

The bank said that the 34.49 billion dollars (N5.74 trillion) represented the ‘gross’ amount while 33.52 billion dollars (N5.63 trillion) was ‘liquid’ and 975 million dollars (N163.8 billion) ‘blocked’.

The Federal Government had through fiscal policies made attempts since 2013 to shore up the foreign reserves to 50 billion dollars (N9.05 trillion).

The CBN had in 2014 relied heavily on external reserves to support the Naira which came under pressure following falling international prices of crude oil.
Crude oil prices at the international market have continued to rally between 55 dollars and 60 dollars per barrel since December, 2014.

According to the CBN, the continuous pressure on the foreign exchange market was also attributable to the rise in the internal demand for the dollar.

The CBN Governor, Godwin Emefiele, had earlier said that the country had spent huge assets from the foreign reserves in ensuring that the official exchange rate was maintained at its previous value of N155 to a dollar.

In spite of the government’s efforts to shore up the Naira, the CBN devalued the Naira to N168 to a dollar in November, 2014. (NAN)


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  • Engr Michael Goodluck Bassey

    obj will not like this news ..He Predicted a slump…

  • Voice of the North

    Apc e-arts comments pls!

    • tundemash

      the figure represents an increase of 20 million dollars (N3.36 billion) from the 34.47 billion dollars (N5.79 trillion) recorded on December 31, 2014.

      Cl0wn, what is today’s date ? An increment of $20m in 7 days so what happened between Jan 1 2014 and Dec. 31 2104 (365 days). And what has happened in the last 6 years (365×6= 2190days) considering the fact that OBJ said he left $44bn. Think before u get excited about figures thrown at you ?????????

  • Olamide

    The PDP is a confused party i swear and this has greatly shown in their statements recently. This is democracy and every individual or group has the right to support whoever they wish to support. It is glaring and evident that Mr President’s time is up and things are working against him. Muazu mentioned that there in injustice the PDP, why didnt the PDP come out to tell Muazu to explain the reason for the statement. PDP always looking for irrelevancies to make headlines.

  • Remi

    In addition, our security agencies need to, as a matter of
    urgency, purge themselves of their congenitally-acquired “occupation army”
    mentality. Going on six decades post-independence now, they should have outgrown
    this tragic circumstance of their birth. They should realise that they are now national,
    and no more colonial, security apparatuses.