LAGOS, July 12 Nigeria's foreign exchange
reserves fell 2.78 percent month-on-month to $47.11
billion by July 11, central bank data showed on Friday.
Reserves at Africa's second biggest economy stood at $48.46
billion on June 11. They have risen about 30 percent
year-on-year this month, from $36.47 billion in the same period
Currency dealers say Nigeria's reserves declined over the
past month because the central bank sold hard currency at its
forex auctions and directly to lenders in the interbank market
to prop up the naira.
(Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha, Ron