The Central Bank of Nigeria (CBN) recorded a profit after tax of N38.84 billion in 2024 compared with a loss of N1.16 trillion in the preceding year, its audited financial statement for the year ended December 31 2024, showed.
The financial statement, which was released on Friday, indicated that while the CBN (the Group) recorded a profit after tax of N38.84 billion last year, the Bank posted a profit after tax of N165.69 billion as against a loss of N1.27 trillion in 2023.
According to the report of the CBN’s Board of Directors: “The Group and Bank’s (loss) profit for the year ended December 31, 2024 was (N680.626) billion and N165.694 billion, respectively, 2023: N 1,16 trillion and N1.27 trillion, respectively.
“In line with the provisions of the Fiscal Responsibility Act, 2011, 20 percent of the profit of the Bank will be credited to retained earnings, while the balance will be paid to the Federal Government of Nigeria.”
A breakdown of the financial statement shows that while the Group’s consolidated total assets rose sharply to N117.60 trillion as at 31 December 2024, up from N87.88 trillion recorded a year earlier, the Bank’s total assets increased to N117.44 trillion from N86.83 trillion.
Cash and bank balances dropped to N34.72 billion at the end of last year from N111.15 billion at the end of 2023, 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.
The financial statement also shows that loans and receivables for the Group declined to N10.96 trillion last year compared with N15.09 trillion in 2023.
On liabilities, the financial statement indicates that banknotes and coins in circulation rose to N5.44 trillion in 2024, from N3.65 trillion in the preceding year, while total deposits surged to N52.38 trillion, up from N38.18 trillion the previous year.
Similarly, the value of Central Bank of Nigeria Instruments issued increased to N24.27 trillion at the end of 2024 from N17.40 trillion in the previous year.
Other liabilities rose to N21.20 trillion compared with N19.02 trillion in 2023, while the IMF-related liabilities stood at N5.07 trillion, compared with N2.52 trillion recorded previously. Total liabilities for the Group amounted to N116.59 trillion in 2024 compared with N85.86 trillion in 2023.
