Nigeria’s forex reserves fell to $26.50 billion by May 23, down 2.8 percent from a month ago, central bank 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.

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A plunge in oil prices has eaten into Nigeria’s foreign reserves, forcing the central bank to introduce currency controls, which has frustrated businesses and caused the economy to contract.

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Source: Reuters