CBN $7.5bn JP, Goldman Sachs Debt Reason Forex Crisis May Linger – Uwaleke

Uwaleke has claimed that CBN’s $7.5bn JP Morgan and Goldman Sachs debt is the reason the forex crisis may linger in Nigeria.

Newsonline Nigeria reports that Prof. Uche Uwaleke, an economist, has said the Central Bank of Nigeria’s combined debt of $7.5 billion from JP Morgan and Goldman Sachs is the reason the foreign exchange crisis may linger.

 

According to NAN, Uwaleke disclosed this on Saturday.

He was reacting to the recent consolidated seven years statement published by the CBN.

 

Newsonline Nigeria recalls that the apex bank released its seven years consolidated financial statements for the first time since 2015 amid a probe.

 

Uwaleke said the CBN’s published statements have brought to the fore the true picture of the bank.

 

“It has brought an accurate picture of the country’s external reserves being managed by the CBN.

“…Little wonder the CBN’s ability to intervene in the foreign exchange market has been hampered,” he said.

 

The Naira had continued to fall against the Dollar since July 14 when CBN floated the country’s currency at the forex window.

 

On Friday, Naira exchanged at 945/$1 at the parallel market.

Meanwhile, at the official window, Naira exchanged at N781/$1.

 

President Bola Ahmed Tinubu had appointed Jim Obazee as a special investigator to probe CBN following the removal of Godswill Emefiele as governor.