“The Group entered into a securities lending agreement with Goldman Sachs and J. P. Morgan and as part of the agreement, the Group pledged its holdings on foreign securities in return for 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 recognized in other foreign securities.”
- Time deposits and money placements – N4.6 trillion
- Other foreign securities – N5.8 trillion
- Current accounts with foreign Banks (GS and JPM) – N3.34 trillion
- Domiciliary accounts _ 294.8 billion
- Sundry currencies and travellers’ cheques – N199.8 billion
This totals a sum of about N14.4 trillion or $29 billion. Adding the N578.6 billion ($1.1 billion) held in Gold Bullion Reserves takes the grand total to about $30.1 billion. This is according to figures in its financial statements.
While the central bank suggests it had about $30.1 billion, backing out other obligations such as securities and lending and foreign currency forwards means it has just a net reserve of obligation to JP Morgan and Goldman Sachs means it has a net of just $ 17 billion in reserves.
The current status of the loans is not clear as the apex bank is yet to publish any interim financial statement in this regard. However, the CBN external reserve position published on its website as of December 2023 was $37 billion. It s currently $ 33.9 billion.(Nairametrics)
