Home Business External reserves hit over two-year high at $31.2 billion

External reserves hit over two-year high at $31.2 billion

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The country’s external reserves rose to more than two-year high of $31.22 billion 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 $24 billion last year. For some months, the country’s dollar reserves were hovering around $30 billion. Meanwhile, The CBN is planning to sell N62.43 billion ($171m) of treasury bills at an auction next Wednesday.

The bank is planning to offer N32.43 billion in three-month paper and N30 billions 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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