Nigeria External Reserves Drops Sharply To $26.50billion in May

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Many bundle of US 100 dollars bank notes
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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.

 

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