Nigeria’s foreign exchange reserves fell 2.78 per cent 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 per cent year-on-year this month, from $36.47 billion in the same period last year.

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.