He said the move will go a long way in boosting the confidence of investors in the Nigerian economy.
According to the financial statement, “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 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 at 2022.
However, the CBN also owes another N3.15 trillion ($6.3 billion) in foreign currency forward which are forex obligations it needs to make to foreign investors.
Other aspects of the external reserves indicated time deposits and money placements of 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 and Sundry currencies and travellers’ cheques N199.8 billion.
According to the CBN accounts, the total of about N14.4 trillion or $29 billion, as well as the N578.6 billion ($1.1 billion) held in Gold Bullion Reserves brought the grand total to about $30.1 billion.
