Nigeria’s Foreign Reserves Hit $34.49Bn

cbn gov

The Central Bank of Nigeria (CBN) on Wednesday put Nigeria’s Foreign Reserve at $34.49 billion.

According to post on its website, the amount is about N5.74 trillion.

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

The Apex 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 CBN had in 2014 relied heavily on external reserves to support the Naira which came under pressure following falling international prices of crude oil.

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

CBN had in November 2014, devalued the Naira to N168 to a dollar.