"We are currently grappling with a confidence crisis in the forex market. This may further worsen the confidence problem. It could aggravate speculative activities," said Muda Yusuf, the chief executive of the Centre for the Promotion of Private Enterprise.
"Since the loans from JP Morgan and Goldman Sachs etc., are collateralised with Nigeria's foreign assets , then the current gross external reserves of about $30 billion becomes $16.3 billion net," a prominent economist who sought anonymity told PREMIUM TIMES. The analyst remarked that the low levels of the real reserves has encumbered the apex bank's intervention in the currency market.
"While they do not have to approve CBN transactions, they did not sanction the Governor for not publishing and gazetting Annual Reports, which would have exposed the scam."The entities that lent money to CBN have violated an important international norm: If the law of a country requires published audited accounts, they broke the law by lending to an entity that did not meet the law," the analyst affirmed.
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