Explainer: How CBN borrowed $13.8b from US banks
Central Bank of Nigeria borrowed $13.8 Billion from U.S Banks (JP Morgan & Goldman Sachs). Buhari & Emefiele “secretly” used Nigeria’s Foreign Reserve as Collateral. They printed N32 Trillion in Ways & Means as well.
Both men sabotaged Nigeria’s Sovereignty, they wrecked the Naira & your Economy.
Do you realise the magnitude of this Economic Sabotage? Your Foreign Reserve was $33 billion in July 2023. Debit $13.8 billion from this CBN managed asset.
What do you have left? If you pay off the debt, Nigeria will be left with less than $20 billion for a 200 million population.
A quick breakdown of the Debt:
$7 billion to JP Morgan Chase, & $500 million to Goldman Sachs under a “Classified Securities Lending.” $6.3 billion exposure to Foreign Currency Forwards.
“Foreign Currency Forwards” are CBN’s obligations to foreign investors.
Obasanjo grew your Foreign Reserve from $5.4 billion in 1999, to $51.3 billion by 2007. He cleared your Foreign debts as well.
Buhari has sank Nigeria back into humongous debt. Nigeria’s Total Debt Profile was N77 Trillion. Add the “secret” $13.8 billion & tell me the number
