CBN rebounds with N38.8bn profit in 2024 after N1.15trn loss

From Adanna Nnamani, Abuja

The Central Bank of Nigeria (CBN) has released its 2024 audited financial statements, reporting a profit after tax of N38.8 billion, a significant recovery from the N1.15 trillion loss in 2023.

The turnaround was driven by a 225% surge in net unrealised foreign exchange revaluation gains, reaching N11.28 trillion, boosting total operating income to N15.1 trillion from N5.9 trillion in 2023. Interest income rose 29.16% to N5.1 trillion from N3.95 trillion, but interest expenses soared 185% to N4.979 trillion, reducing net interest income by 94% to N122.91 billion from N2.2 trillion.

The financial statements comply with International Financial Reporting Standards (IFRS) and Financial Reporting Council of Nigeria (FRC) guidelines, incorporating 2023 amendments to the CBN Act and FRC Act. Audited by KPMG Professional Services and Ernst & Young, the statements, signed by Akinyemi Ashade and Abiodun Akinnusi on April 30, 2025, received an unqualified opinion.

Under the Fiscal Responsibility Act 2011, 20% of the profit will be allocated to retained earnings, with 80% transferred to the Federal Government of Nigeria.

By December 31, 2024, the CBN’s consolidated total assets grew to N117.60 trillion from N87.88 trillion, with standalone assets at N117.44 trillion, up from N86.83 trillion. External reserves nearly doubled to N54.73 trillion from N29.98 trillion, and IMF Special Drawing Rights (SDRs) holdings increased to N6.36 trillion from N3.95 trillion. Cash and bank balances fell to N34.72 billion from N111.15 billion, and loans and receivables dropped to N10.96 trillion from N15.09 trillion.

Liabilities rose, with banknotes and coins in circulation increasing to N5.44 trillion from N3.65 trillion, total deposits to N52.38 trillion from N38.18 trillion, and CBN instruments issued to N24.27 trillion from N17.40 trillion. Group total liabilities reached N116.59 trillion from N85.86 trillion, while group equity fell to N1.01 trillion from N2.01 trillion, and standalone equity dropped to N728.24 billion from N882.42 billion. Accumulated losses improved to N798.55 billion from N874.82 billion, with a fair value reserve of N800.78 billion.

KPMG and Ernst & Young confirmed the statements accurately reflect the CBN’s financial position as of December 31, 2024.