- The Central Bank of Nigeria (CBN) records a N38.8bn profit in 2024, reversing a N1.15tn loss in 2023
- Total assets surged by 33.83% to N117.6tn, driven by a sharp rise in external reserves and IMF SDR holdings
- Group equity declined to N1.01tn from N2.01tn despite improved profitability and asset growth
The Central Bank of Nigeria (CBN) has posted a profit of N38.8 billion for the financial year ended December 31, 2024, marking a significant turnaround from a historic N1.15 trillion loss recorded in 2023.
According to its newly released financial statements, the apex bank — comprising the central institution and its subsidiaries, including the Nigerian Security Printing & Minting Plc (MINT) and Nigerian Electricity Supply Industry Stabilisation Strategy Limited (NESI SS Ltd) — recorded a profit before tax (PBT) of N44.68 billion in 2024.
The CBN’s resurgence in profitability was supported by a notable 33.83 percent growth in total assets, which rose to N117.6 trillion in 2024, up from N87.87 trillion the previous year.
Key drivers of this growth included a sharp increase in external reserves, which soared by 82.58 percent to N54.72 trillion from N29.97 trillion in 2023. Additionally, the International Monetary Fund’s special drawing rights (SDRs) held by Nigeria increased by 61.42 percent to N6.36 trillion, compared to N3.94 trillion the year before.
The value of debt instruments measured at amortised cost also grew by 12.67 percent, reaching N29.8 trillion in 2024 from N26.45 trillion in 2023.
However, the financial statement also showed a 35.78 percent increase in total liabilities, which rose to N116.58 trillion in 2024 from N85.86 trillion the previous year. Consequently, despite the profitability rebound, the Group’s equity declined sharply from N2.01 trillion in 2023 to N1.01 trillion in 2024.
CBN to fine banks N150 million for sale of minted naira notes to hawkers
Meanwhile, TheRadar earlier reported that the Central Bank of Nigeria (CBN) imposed a N150 million fine on the first instance per branch on deposit money banks (DMBs) involved in the illicit flow of mint banknotes to currency hawkers and economic agents that commodify naira banknotes.
The CBN noted that the selling of naira banknotes to currency hawkers by banks undermines efficient and effective cash distribution to banks’ customers.
