The Central Bank of Nigeria (CBN) has reported a profit of N38.8 billion for the financial year ended December 31, 2024.
According to the apex bank’s 2024 financial statements, the CBN (referred to as “the Group”) returned to profitability after recording a loss of N1.15 trillion in 2023.
The Group includes the CBN and its subsidiaries such as the Nigerian Security Printing & Minting Plc (MINT), Nigerian Electricity Supply Industry Stabilisation Strategy Limited (NESI SS Ltd), among others.
The report also showed that the bank recorded a profit before tax (PBT) of N44.68 billion in 2024, marking a significant turnaround from the previous year’s loss.
The CBN stated that its total assets rose by 33.83%, reaching N117.6 trillion, compared to N87.87 trillion in 2023.
According to the document, the surge in total assets was largely driven by a substantial rise in external reserves, which increased by 82.58% to N54.72 trillion, up from N29.97 trillion in the prior year.
Additionally, the International Monetary Fund (IMF) holdings of special drawing rights (SDRs) saw a growth of 61.42%, rising to N6.36 trillion in 2024 from N3.94 trillion the previous year.
Debt instruments measured at amortised cost also rose by 12.67%, amounting to N29.8 trillion, up from N26.45 trillion.
On the liabilities side, the bank’s total liabilities increased by 35.78%, reaching N116.58 trillion in 2024, compared to N85.86 trillion in 2023.
However, the financial statement noted a decline in the Group’s equity, which dropped from N2.01 trillion in 2023 to N1.01 trillion in 2024.
