Foreign Reserves plunged to $26.50 billion by May 23, down by 2.8 per cent from a month ago, Reuters quoted data from the Central Bank Nigeria, CBN.
Nigeria’s dollars reserves stood at $27.26 billion a month ago, but fell 10.9 per cent from 205 when they were at $29.73 billion.
The fall in the reserves is not unconnected to the plunge in oil prices which has pressured the CBN to introduce currency controls.
External Reserves Crash To $26.50billion in May: Foreign Reserves plunged to $26.50 billion by May 23, down b… https://t.co/mbvWSa55Su
RT @BizWatchNigeria: External Reserves Crash To $26.50billion in May – https://t.co/z8G9wwKln0 https://t.co/TksUkTXNzr