The Central Bank of Nigeria (CBN) reported a significant increase in its operating income, reaching N15.23 trillion in 2024, up from N5.89 trillion in 2023, according to its recently released financial statements.
The banking sector’s subsidiaries also saw a 41.3% rise in operating income, totaling N15.1 trillion in 2024 compared to N5.91 trillion in 2023.
The CBN Group recorded a profit after tax of N38.8 billion in 2024, recovering from a N1.15 trillion loss in 2023. Year-on-year losses decreased to N680.62 billion from N1.16 trillion.
The CBN holds majority stakes in subsidiaries like Nigerian Security Printing and Minting Plc (89.52%), Tawada Limited (53.71% indirectly), NIRSAL (100%), NESI (99.99%), and InfraCorp (70%).
Total liabilities and equity for the group rose to N117.60 trillion in 2024 from N87.87 trillion in 2023. Net unrealized foreign exchange revaluation gains surged by 225% to N11.28 trillion.
Loans and receivables dropped to N10.96 trillion from N15.09 trillion, while the CBN’s IMF quota increased to N4.91 trillion from N2.96 trillion.
Group liabilities grew to N116.58 trillion from N85.86 trillion, with IMF liabilities rising to N5.06 trillion from N2.52 trillion.
Banknotes and coins in circulation increased to N5.44 trillion from N3.65 trillion, total deposits rose to N52.38 trillion from N38.18 trillion, and CBN instruments issued climbed to N24.27 trillion from N17.40 trillion.
WHAT YOU SHOULD KNOW
The CBN’s 2024 financial statements reveal a mixed but improving picture of its financial health.
The significant growth in operating income, recovery to profitability, and reduction in losses are positive indicators of resilience and strategic management.
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