Nigeria’s foreign reserves fell to $26.50 billion by May 23, down 2.8 percent from a month ago, Central Bank of Nigeria, CBN, data showed.
Its dollars reserves stood at $27.26 billion a month ago. They have dropped 10.9 percent from last year when they were at $29.73 billion.
A plunge in oil prices has eaten into Nigeria’s foreign reserves, forcing the CBN to introduce currency controls, which has frustrated businesses and caused the economy to contract.