Nigeria owes JP Morgan, Goldman Sachs $7.5bln

The Central Bank of Nigeria (CBN) is owing a $7.5 billion to American banks, JP Morgan and Goldman Sachs, according to its consolidated financial statements published on Friday.

CBN’s financial documents showed that it owed the American banking giant Goldman Sachs $500 million and JP Morgan $7 billion in securities lending. This is in addition to a $6.3 billion exposure to foreign currency forwards.

“The Group entered into a securities lending agreement with Goldman Sachs and JP Morgan and as part of the agreement, the Group pledged its holdings on foreign securities in return for cash,” the statement added.