CBN Owes Foreign Banks, JP Morgan, Goldman Sachs $13.8 Billion
- The Central Bank of Nigeria owes foreign banks about $13.8 billion, a statement of its audited financials reveal
- The bank said it owes JP Morgan about $5 million and Goldman Sachs $7 billion
- The bank said the amount is part of its liability and also owes another $6.3 billion in foreign currency forwards
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The Central Bank of Nigeria owes JP Morgan and Goldman Sachs a combined $7.5 billion as of the financial year ended December 2022.
As part of its liability, the apex bank also included $6.3 billion owed in foreign currency forwards.
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CBN's audited financials shows its debt obligations
The disclosure is part of CBN's audited financial statement published on its website on Friday, August 11, 2023.
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The bank reported a profit after tax of N103.8 billion in its most recent financial year.
CBN stated that it owes American banking giant Goldman Sachs $500 million and JP Morgan $7 billion in securities lending.
It stated that it entered into a securities lending agreement with Goldman Sachs and JP Morgan as part of the agreement, pledging holdings on foreign securities in return for cash.
The ape bank revealed that the cash received from Goldman Sachs amounted to N0,23 trillion.
A breakdown of CBN's debt to foreign banks
According to the banks report obtained by Legit.ng, the security formats form part of CBN's external reserves of about N14.3 trillion.
The bank owes another N3.15 trillion in foreign currency forward, which are FX obligations it requires to make to foreign investors.
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.
CBN declares highest profit in 5 years as naira exchange rate gets closer to N1000 per dollar
Legit.ng reported that the Central Bank of Nigeria (CBN) declared a massive profit of N103.85 billion after-tax payment obligation in 2022.
This represents a 38.24% increase in profit compared to the N75.12 billion recorded the previous year.
The apex bank disclosed the figures in its latest financial statements on its website obtained by Legit.ng.
Source: Legit.ng
