The Central Bank of Nigeria’s $13.8 billion debt owed to foreign banks (JP Morgan and Goldman Sachs) has sparked backlash on social media. Nairametrics reported that the apex bank owes a combined sum of $7.5 billion to these banks as of December 2022. Additionally, $6.3 billion is owed in foreign currency forwards, as per the bank’s audited financial statement on its website. Nigerians are expressing concern about using foreign reserves as collateral and criticizing the National Assembly’s oversight.Thank you for reading this post, don't forget to subscribe!
Reactions on social media include:
– Kalu Aja questioned why the National Assembly failed to provide oversight to prevent the loan.
– Seun Onigbinde highlighted the need for checks and balances in the National Assembly.
– Tola criticized the lack of oversight, calling it economic sabotage.
– Malachy Odo suggested a similar examination of NNPC’s financial statement.
– Ridwan Oke blamed both Emefiele and Buhari for the situation.
– Emeodi Mba speculated on broader involvement beyond Emefiele.
– Bolu predicted the debt’s negative impact on the naira/dollar exchange rate.
– Aisha Yesufu called for Buhari and Osinbajo to be held accountable for the CBN debt.