CBN owes foreign banks, JP Morgan, Goldman Sachs $13.8 billion

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.

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.

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.