FRI, AUGUST 11 2023-theGBJournal |Data from the financial statements of the Central Bank of Nigeria (CBN) reveals an accumulated debt totalling $13.8 billion.
Further examination discloses that the CBN has a combined outstanding obligation of $7.5 billion to JP Morgan and Goldman Sachs as of the conclusion of the financial year in December 2022.
Additionally, the central bank carries an additional liability of $6.3 billion in foreign currency forward contracts, representing foreign exchange commitments to overseas investors.
Considering that the CBN’s financial report displays the existing Foreign Exchange (FX) Reserves at $30.10 billion, the encumbered amount of $13.8 billion reduces the nation’s reserves to $17.0 billion.
”However, the current status of these loans remains unclear due to the absence of interim financial statements released by the central bank, says analysts at Comercio Partners Limited.
Despite this, the published external reserve position of the CBN indicates a present reserve balance of $33.9 billion.
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