Nigeria external reserves drop to $30.04bn

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Increasing internal demand for dollar has pressured the nation’s foreign reserves, dropping to $30.04billion from the previous $30.11billion mark.

The Central Bank of Nigeria (CBN) announced monday that the figure dropped by seven million dollars from 30.11 billion dollars recorded in October 26.

The current level which was recorded November 26 and represented the ‘gross’ amount, shows $29.33 billion dollars was ‘liquid’, while $719.32 million was ‘blocked.’

According to the apex bank, the continuous pressure on the foreign exchange market is due to the rise in the internal demand for dollars.

The CBN said that the price of crude oil at the international market stood at 44.27 dollar per barrel as at Nov. 30.

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