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| CBN Governor, Mr. Godwin Emefiele |
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 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 data showed, Reuters
reported.
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.
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