Economist Professor Uche Uwareke said the currency crisis could linger because Nigeria’s central bank has $7.5 billion in combined debt from JP Morgan and Goldman Sachs.
Uwareke revealed this on Saturday, according to NAN.
He was reacting to CBN’s recently released seven-year integration statement.
The Daily Post recalled that Apex Bank released its first seven-year consolidated financial statements since 2015 amid an investigation.
Uwareke said the statement released by CBN revealed the true picture of the bank.
“This has revealed the exact status of the country’s foreign exchange reserves managed by the CBN.
“…no wonder the CBN’s ability to intervene in the foreign exchange market was hampered,” he said.
The naira has been declining against the dollar since July 14, when CBN fluctuated the country’s currency on the forex window.
On Friday, the naira traded at 945 to the dollar on the parallel market.
On the other hand, Naira was exchanged at 1 dollar = 781 Naira at the official window.
President Bora Ahmed Tinub has appointed Jim Obajee as a special agent to investigate CBN following Godswill Emefierre’s dismissal as governor.