Nigeria’s forex reserves down to $26.5 bln by May 23 – Reuters

CBN

LAGOS May 31 (Reuters) – 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.

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. (Reporting by Oludare Mayowa; Editing by Angus MacSwan)