Nigeria’s foreign exchange reserves have hit a 2-year high of N38.38 billion.

In a statement posted on its website on Wednesday, the Central Bank of Nigeria (CBN) said reserves rose 5.3 per cent as at August the 27th.

Last month, total amount in the reserves stood at N36.43 billion higher than the N33.47 billion in the same month in 2011.

According to the Apex bank, the foreign reserves have not been as high as this since August the 10th, 2010, when they stood at N38.59 billion.

Meanwhile, the CBN plans to sell treasury bills worth N142.97 billion ranging from 3-month to 1-year maturities, at its regular twice-monthly auction on September the 6th.

The Apex bank plans to raise N32.97 billion in 91-day, notes N50 billion in 182-day bills and N60 billion in the 264-day paper.

The CBN issues treasury bills regularly to reduce money supply in the economy, tame inflation and help commercial banks manage their liquidity.