The Central Bank of Nigeria (CBN) has reported a
profit of N38.8 billion for the financial year ended December 31, 2024 —
marking a significant recovery from a N1.15 trillion loss recorded in 2023.
The development was disclosed in the apex bank’s 2024
financial statements, which showed that the CBN — referred to as “the Group” in
the document — returned to profitability after a challenging prior year.
The Group comprises the CBN and its subsidiaries,
including the Nigerian Security Printing & Minting Plc (MINT) and the
Nigerian Electricity Supply Industry Stabilisation Strategy Limited (NESI SS
Ltd), among others.
According to the report, the CBN also posted a profit
before tax (PBT) of N44.68 billion in 2024, a sharp contrast to the N1.15
trillion pre-tax loss recorded in 2023.
The bank’s financial turnaround was accompanied by
substantial asset growth. Total assets surged by 33.83 percent to N117.6
trillion, up from N87.87 trillion in the previous year.
A key contributor to this asset growth was a steep
rise in external reserves, which climbed by 82.58 percent to N54.72 trillion,
compared to N29.97 trillion in 2023.
Additionally, the CBN’s holdings of International
Monetary Fund (IMF) Special Drawing Rights (SDRs) grew by 61.42 percent to
N6.36 trillion, from N3.94 trillion a year earlier. Debt instruments held at
amortised cost also increased by 12.67 percent, rising from N26.45 trillion in
2023 to N29.8 trillion in 2024.
Meanwhile, the Group’s total liabilities rose by 35.78
percent to N116.58 trillion, compared to N85.86 trillion in the previous year.
Despite the profit rebound and asset growth, the
Group’s equity fell significantly, dropping from N2.01 trillion in 2023 to
N1.01 trillion in 2024 — reflecting structural shifts in its balance sheet.
The CBN’s latest figures come amid ongoing reforms and
operational shifts aimed at stabilising the economy and restoring confidence in
Nigeria’s monetary system.
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