The Central Bank of Nigeria has published its 2024 audited financial statements, reporting a profit after tax of N38.8 billion, marking a strong recovery from the N1.15 trillion loss recorded in 2023.

The turnaround was primarily driven by significant growth in interest income and other operating income, especially a sharp increase in net unrealized foreign exchange revaluation gains, which rose by 225% year-on-year to N11.28 trillion.

This surge contributed to a total operating income of N15.1 trillion in 2024, more than doubling the N5.9 trillion recorded in 2023.

While the CBN saw a 29.16% year-on-year increase in interest income to N5.1 trillion (up from N3.95 trillion in 2023), interest expenses jumped sharply by 185% to N4.98 trillion.

Consequently, net interest income dropped significantly by 94%, falling to N122.91 billion from N2.2 trillion in the previous year.

The financial statements were prepared in compliance with the International Financial Reporting Standards and the Financial Reporting Council of Nigeria guidelines, reflecting the 2023 amendments to both the CBN Act and the FRC Act.

They were audited by KPMG Professional Services and Ernst & Young, with the audit reports signed by Akinyemi Ashade and Abiodun Akinnusi, respectively, on 30 April 2025.

The statement attributes the Group’s underwhelming performance to a difficult macroeconomic environment throughout the year.

In accordance with the Fiscal Responsibility Act 2011, the CBN disclosed that 20% of the profit will be allocated to retained earnings, while the remaining 80% will be transferred to the Federal Government of Nigeria.

The CBN’s consolidated total assets rose sharply to N117.60 trillion as of 31 December 2024, up from N87.88 trillion the previous year. On a separate basis, the Bank’s total assets grew to N117.44 trillion, compared to N86.83 trillion in 2023.

Cash and bank balances dropped significantly to N34.72 billion from N111.15 billion, while external reserves rose to N54.73 trillion, up from N29.98 trillion.

Additionally, IMF Holdings of Special Drawing Rights increased to N6.36 trillion, compared to N3.95 trillion a year earlier.

Loans and receivables fell to N10.96 trillion from N15.09 trillion in 2023, reflecting reduced credit exposure.

On the liability side, banknotes and coins in circulation grew to N5.44 trillion from N3.65 trillion, total deposits rose to N52.38 trillion from N38.18 trillion, and Central Bank of Nigeria Instruments issued increased to N24.27 trillion from N17.40 trillion.

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.

The Bank’s accumulated losses increased to N798.55 billion, up from N874.82 billion in 2023. Conversely, the Bank recorded a fair value reserve of N800.78 billion by year-end.

The audit opinion confirmed that the Central Bank of Nigeria’s financial statements as of 31 December 2024 accurately reflect its financial position, with no qualifications or emphasis of matter noted.