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.
(NAN)
Support PREMIUM TIMES' journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
TEXT AD: To advertise here . Call Willie +2347088095401...
JOIN THE CONVERSATION