The Central Bank of Nigeria (CBN) has released its 2024 audited financial statements, reporting a profit after tax of N38.8 billion, a rebound from the N1.15 trillion loss recorded in the 2023 financial year.
According to the report, the strong performance was driven largely by strong growth in interest income and other operating income, particularly net unrealized foreign exchange revaluation gains of N11.28 trillion, up 225% year-on-year.
This surge contributed to a total operating income of N15.1 trillion, compared to N5.9 trillion in 2023.
While the CBN recorded a 29.16% year-on-year increase in interest income to N5.1 trillion (from N3.95 trillion in 2023), interest expenses surged even more dramatically, rising by 185% to N4.979 trillion.
As a result, net interest income plunged by 94% to N122.91 billion, down from N2.2 trillion in the previous year.
The financial statements were prepared in line with the International Financial Reporting Standards (IFRS) and the guidelines of the Financial Reporting Council of Nigeria (FRC), including the 2023 amendments to the CBN Act and the FRC Act.
The accounts were audited by KPMG Professional Services and Ernst & Young and signed by Akinyemi Ashade and Abiodun Akinnusi, respectively, both dated 30 April 2025.
According to the statement, the Group’s negative performance reflects a challenging macroeconomic environment during the year. In compliance with the Fiscal Responsibility Act 2011, the CBN noted that 20% of the profit will be credited to retained earnings, while the balance will be transferred to the Federal Government of Nigeria.
Key financial highlights
- The CBN’s consolidated total assets rose sharply to N117.60 trillion as at 31 December 2024, up from N87.88 trillion recorded a year earlier. Separately, the Bank’s total assets increased to N117.44 trillion from N86.83 trillion.
- Cash and bank balances declined significantly to N34.72 billion from N111.15 billion, while external reserves grew to N54.73 trillion, up from N29.98 trillion in 2023. IMF Holdings of Special Drawing Rights (SDRs) also increased to N6.36 trillion from N3.95 trillion.
- Loans and receivables dropped to N10.96 trillion compared to N15.09 trillion in 2023, indicating lower credit exposure during the period.
- On the liability side, banknotes and coins in circulation rose to N5.44 trillion, from N3.65 trillion, while total deposits climbed to N52.38 trillion, up from N38.18 trillion the previous year. The value of Central Bank of Nigeria Instruments issued increased to N24.27 trillion from N17.40 trillion.
- Other liabilities rose to N21.20 trillion compared to N19.02 trillion in 2023, while the IMF-related liabilities stood at N5.07 trillion, doubling from N2.52 trillion recorded previously.
- Total liabilities for the Group amounted to N116.59 trillion in 2024, compared to N85.86 trillion in 2023.
- The Group’s total equity fell to N1.01 trillion from N2.01 trillion a year earlier. The Bank’s standalone equity also dropped to N728.24 billion, from N882.42 billion in 2023.
- Accumulated losses worsened to N798.55 billion for the Bank, compared to N874.82 billion recorded in 2023. Meanwhile, the Bank reported a fair value reserve of N800.78 billion as at the end of the year.
What you should know
The audit opinion indicated that the financial statements give a true and fair view of the financial position of the Central Bank of Nigeria as at 31 December 2024, with no qualification or emphasis of matter noted.
The latest numbers mark a significant shift in the CBN’s financial trajectory and may shape monetary and fiscal policy discussions going forward.