The country’s external reserves rose to more than two-year high of $31.22bn on August 8, data from the Central Bank of Nigeria showed on Wednesday.

The data showed The foreign exchange reserves, which have been battered by lower oil prices, climbed back to a level they last reached in July 2015, shortly after President Muhammadu Buhari took office,.

The external reserves had gone down as low as $24bn last year. For some months, the country’s dollar reserves were hovering around $30bn.

Meanwhile, The CBN is planning to sell N62.43bn ($171m) of treasury bills at an auction next Wednesday.

The bank is planning to offer N32.43bn in three-month paper and N30bn of a six-month bill. Results of the auction will be announced on the same day.

The central bank issues treasury bills twice a month to help the government to finance its budget deficit, curb money supply growth and provide an avenue for lenders to manage liquidity.

PUNCH.  

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