The Central Bank of Nigeria (CBN) has launched its 2024 audited monetary statements, reporting a revenue after tax of N38.8 billion, a rebound from the N1.15 trillion loss recorded within the 2023 monetary yr.
In line with the report, the sturdy efficiency was pushed largely by sturdy development in curiosity earnings and different working earnings, significantly web unrealized overseas alternate revaluation positive factors of N11.28 trillion, up 225% year-on-year.
This surge contributed to a complete working earnings of N15.1 trillion, in comparison with N5.9 trillion in 2023.
Whereas the CBN recorded a 29.16% year-on-year improve in curiosity earnings to N5.1 trillion (from N3.95 trillion in 2023), curiosity bills surged much more dramatically, rising by 185% to N4.979 trillion.
In consequence, web curiosity earnings plunged by 94% to N122.91 billion, down from N2.2 trillion within the earlier yr.
The monetary statements had been ready consistent with the Worldwide Monetary Reporting Requirements (IFRS) and the rules of the Monetary Reporting Council of Nigeria (FRC), together with the 2023 amendments to the CBN Act and the FRC Act.
The accounts had been audited by KPMG Skilled Companies and Ernst & Younger and signed by Akinyemi Ashade and Abiodun Akinnusi, respectively, each dated 30 April 2025.
In line with the assertion, the Group’s destructive efficiency displays a difficult macroeconomic surroundings through the yr. In compliance with the Fiscal Accountability Act 2011, the CBN famous that 20% of the revenue might be credited to retained earnings, whereas the stability might be transferred to the Federal Authorities of Nigeria.
Key monetary highlights
- The CBN’s consolidated complete property rose sharply to N117.60 trillion as at 31 December 2024, up from N87.88 trillion recorded a yr earlier. Individually, the Bank’s complete property elevated to N117.44 trillion from N86.83 trillion.
- Money and bank balances declined considerably to N34.72 billion from N111.15 billion, whereas exterior reserves grew to N54.73 trillion, up from N29.98 trillion in 2023. IMF Holdings of Particular Drawing Rights (SDRs) additionally elevated to N6.36 trillion from N3.95 trillion.
- Loans and receivables dropped to N10.96 trillion in comparison with N15.09 trillion in 2023, indicating decrease credit score publicity through the interval.
- On the legal responsibility aspect, banknotes and cash in circulation rose to N5.44 trillion, from N3.65 trillion, whereas complete deposits climbed to N52.38 trillion, up from N38.18 trillion the earlier yr. The worth of Central Bank of Nigeria Devices issued elevated to N24.27 trillion from N17.40 trillion.
- Different liabilities rose to N21.20 trillion in comparison with N19.02 trillion in 2023, whereas the IMF-related liabilities stood at N5.07 trillion, doubling from N2.52 trillion recorded beforehand.
- Whole liabilities for the Group amounted to N116.59 trillion in 2024, in comparison with N85.86 trillion in 2023.
- The Group’s complete fairness fell to N1.01 trillion from N2.01 trillion a yr earlier. The Bank’s standalone fairness additionally dropped to N728.24 billion, from N882.42 billion in 2023.
- Collected losses worsened to N798.55 billion for the Bank, in comparison with N874.82 billion recorded in 2023. In the meantime, the Bank reported a good worth reserve of N800.78 billion as on the finish of the yr.
What you need to know
The audit opinion indicated that the monetary statements give a real and truthful view of the monetary place of the Central Bank of Nigeria as at 31 December 2024, with no qualification or emphasis of matter famous.
The newest numbers mark a major shift within the CBN’s monetary trajectory and should form financial and monetary coverage discussions going ahead.
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