The Statement of financial position in the consolidated financial statements of Central Bank of Nigeria shows that the Apex Bank is indebted to the tune of $7.5 billion to American banks, specifically JP Morgan and Goldman Sachs for the financial year ending as at December 2022. The apex bank’s obligations encompass an additional $6.3 billion linked to foreign currency forwards, resulting in a cumulative liability of $13.8 billion.
Foreign securities used as collateral in exchange for cash
The Group engaged in a securities lending agreement with Goldman Sachs and J. P. Morgan, wherein the Group utilized its foreign securities as collateral in exchange for cash.
Notably, the cash received from Goldman Sachs totaled N0.23 trillion ($500 million) and N0.22 trillion ($500 million) in 2022 and 2021 respectively, while JP Morgan provided N3.23 trillion ($7 billion) and N3.05 trillion ($7 billion) for the same years.
Despite grappling with currency devaluation and extending intervention funds and loans to the government, among other developmental financial pursuits, the CBN has posted a profit after tax consecutively for the past eight years.
Formerly, these outcomes had remained undisclosed to the public during the tenure of former CBN Governor Godwin Emefiele.
VERY SERIAL reports that for the first time since 2015, the Central Bank of Nigeria (CBN) has finally released its long-awaited Audited Financial Statement [AFS], posting a profit of N103.8 billion in 2022, the highest since 2017.
The Nigeria’s Apex bank, the Central of Nigeria has released its Audited Consolidated Financial Statements for the last seven years: 2016, 2017, 2018, 2019, 2020, 2021 and 2022, declaring a profit after tax of N65.63 billion for 2022 while the entire Group posted a profit of N103.8bn for the same year, a positive increase from N75.13bn reported in 2021.
The Central Bank of Nigeria [CBN] has released the Consolidated Financial Statements for the last seven years, making it the first time since 2015 that the apex bank will be making its book available for public scrutiny.
The Consolidated Financial Statements, which were released by the CBN, are for 2016, 2017, 2018, 2019, 2020, 2021 and 2022 financial periods.
The apex bank, last night, published financial reports dating back to 2015 on it’s websites.
The CBN declared a profit after tax of N103.8bn in 2022, up from N75.13bn reported a year earlier.