The Central Bank of Nigeria on Wednesday said the nation’s foreign exchange reserves at $34.49 billion (N5.74 trillion) as at January 5.
The News Agency of Nigeria reports that the CBN posted the foreign exchange reserves data on its website.
According to the bank, the figure represents an increase of $20 million (N3.36 billion) from the $34.47 billion (N5.79 trillion) recorded on December 31, 2014.
The bank said the $34.49 billion (N5.74 trillion) represented the ‘gross’ amount while $33.52 billion (N5.63 trillion) was ‘liquid’ and $975 million (N163.8 billion) ‘blocked’.
NAN reports that the Federal Government had through fiscal policies made attempts since 2013 to shore up the foreign reserves to $50 billion (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 and $60 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.
NAN also reports that 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.
Former President Olusegun Obasanjo had on Monday tongue lashed President Goodluck Jonathan, accusing him of squandering $25 billion crude Oil savings left behind by his administration, adding that late President Umaru Yar’Adua raised the nation’s Foreign Reserves to $60 billion, but under President Jonathan, the Reserves plummeted.
