Nigeria's forex reserves rise 5.6 pct month-on-month by July 22

Nigeria's foreign exchange reserves rose $30.69 billion by July 22, up 5.6 percent from $29.03 billion a month earlier, latest data from the central bank.
However, the forex reserves of Africa's top crude exporter were down20.9 percent from $38.8 billion a year ago.
The growth in reserves for the month was attributed to efforts of the present government to plug leakage and demand management by the central bank.
The central bank restricted access to foreign exchange by last month and introduced tight control of the foreign exchange market to curb speculation and conserves forex reserves.