The Central Bank of Nigeria has said it owes some foreign banks and two US-based companies, The Goldman Sachs Group and JPMorgan Chase & Co. a sum of $13.8 billion, equating to about N10.6 trillion.
CBN made this known in its audited financial statement obtained by SaharaReporters on Friday via its website.
According to the statement, the apex bank owes JP Morgan and Goldman Sachs a combined $7.5 billion as of the financial year ended December 2022.
It added that the bank owes Goldman Sachs $500 million and JP Morgan $7 billion in securities lending.
The bank said that it entered into a securities lending agreement with Goldman Sachs and JP Morgan and as part of the agreement, pledged holdings on foreign securities in return for cash.
The statement added that as part of CBN’s liability, the apex bank also included $6.3 billion owed in foreign currency forwards.
Another N3.15 trillion is owed by the bank in foreign currency forward, which are FX liabilities it must make to overseas investors.
According to the announcement, CBN recorded a profit after tax of N103.8 billion in its most recent fiscal year.
The breakdown of CBN’s external reserves shows time depositors and money placements of N4.6 trillion, foreign currency securities of N5.8 trillion, current accounts with foreign banks at N3.34 trillion, domiciliary accounts of N294.8 billion and sundry currencies and traveler’s cheques of N199.8 billion.
The amount totals about N14.4 trillion in addition to the N758.6 billion held in Gold Bullion Reserves, which takes the total to about $30.1 billion. The figures are contained in its financial statements.
