The Central Bank of Nigeria’s Consolidated Statements of Financial Accounts for the year 2022 detail the bank’s debts to JP Morgan, Goldman Sachs, and other creditors.
The apex bank released its consolidated financial statements for the first time since 2016. According to the records, the bank generated revenue of N2.87 trillion, up from N1.96 trillion in 2022. It also owes JP Morgan N3.2 trillion ($7 billion) and Goldman Sachs N0.23 trillion ($500 million), as well as N3.1 trillion ($6.3 trillion) in unpaid foreign exchange forwards.
According to the records, profit for the period increased to N103.85 billion from N75 billion in 2021 but external reserves decreased from N15.38 trillion in 2021 to N14.9 trillion in 2022.
The securities lending deal, which was paid for in cash, is included in the N14.9 trillion in external reserves held by the apex bank.
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According to the CBN statement, “Also included in convertible currencies (time deposits and money placements, current accounts with foreign Banks, other foreign securities and domiciliary accounts) is cash received from Goldman Sachs and J. P. Morgan.
“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 recognised in other foreign securities.”
According to the accounts, the CBN’s reserves consist of time deposits and money placements worth N4.68 trillion, other foreign securities worth N5.88 trillion, current accounts with foreign banks worth N3.34 trillion, domestic accounts worth N294.8 billion, various currencies and traveler’s checks worth N199.8 billion, and 16 kilogrammes of gold worth N578.5 billion.
Additional studies based on currency revealed that reserves contained convertible currencies of N12.45 billion in US dollars, N1.6 trillion in Chinese Renminbi, N134.5 billion in British Pound, N75 billion in Euro, N33 billion in Japanese Yen, and N66 billion in other currencies.
