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The Central Bank of Nigeria (CBN) owes JP Morgan and Goldman Sachs a combined sum of $7.5 billion as of the financial year ended December 2022.
This is contained in the audited financial statement of the apex bank, published on its website.
A sum of $7 billion was owed to JP Morgan, while $500m was due to Goldman Sachs at Year end 2022.
According to the CBN:
“The Group entered into a securities lending agreement with Goldman Sachs and J.P. Morgan. As part of the agreement, the Group received cash in exchange for its securities to be held as collateral for the loan. J.P. Morgan being the global custodian of the securities of the Group holds an equivalent in securities, of value of loan given in cash. The cash received from Goldman Sachs is N0.23 trillion ($500 million), 2021: N0.22 trillion ($500 million) and JP Morgan N3.23 trillion ($7 billion), 2021: N3.05 trillion ($7 billion) is recognised in other foreign securities.”
The securities lending forms part of the CBN’s total external reserves of about N14.3 trillion or $29 billion using the official exchange rate of N494/$1 as of 2022.