LAGOS: Nigeria's foreign exchange reserves fell 6.75 percent month-on-month to $40.25 billion as of Feb. 27, the bank's latest data showed on Friday, as the central bank boosted its intervention in the market to prop up the ailing naira currency.

Africa's top oil exporter's reserves stood at $43.18 billion on Jan. 27. The reserves have fallen 15 percent since this time last year, when they were $47.34 billion.