The Central Bank of Nigeria (CBN) says the nation’s foreign exchange reserves stood at to $29.61 billion 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 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 per barrel.
