The Central Bank of Nigeria (CBN) has announced a significant increase in its operating income, which rose to N15.23 trillion in 2024, up from N5.89 trillion the previous year.
This was revealed in the apex bank’s recently released consolidated and separate financial statements for the year ending December 2024.
The banking sector also saw notable growth, with subsidiaries’ total operating income rising by 41.3% to N15.1 trillion in 2024, from N5.91 trillion in 2023.
In terms of profitability, the CBN Group posted a profit after tax (PAT) of N38.8 billion, marking a recovery from a loss of N1.15 trillion in 2023. The group’s year-on-year losses also narrowed, falling to N680.62 billion in 2024 compared to N1.16 trillion the previous year.
The group’s financial statements include the CBN and its subsidiaries, such as Nigerian Security Printing and Minting (NSPM) Plc, in which the CBN holds 89.52% of the share capital. The bank also maintains controlling stakes in Tawada Limited (53.71%), Nigeria Incentive-Based Risk-Sharing System for Agricultural Lending (NIRSAL), and Nigerian Electricity Supply Industry Stabilisation Strategy Limited (NESI).
Additionally, the CBN owns 70% of Infrastructure Corporation of Nigeria Limited (InfraCorp).
In terms of financial position, the group’s total liabilities and equity grew to N117.60 trillion in 2024, up from N87.87 trillion in 2023. Net unrealized foreign exchange revaluation gains surged by 225% year-on-year to N11.28 trillion. Loans and receivables decreased to N10.96 trillion, compared to N15.09 trillion in 2023.
The CBN’s quota in the International Monetary Fund (IMF) also saw an increase, rising to N4.91 trillion in 2024 from N2.96 trillion in 2023, which determines its financial contribution, voting power, and access to IMF resources.
The bank’s total liabilities increased to N116.58 trillion, up from N85.86 trillion in 2023, while its liabilities to the IMF grew to N5.06 trillion from N2.52 trillion. Current tax liabilities also rose to N9.25 billion from N6.81 billion.
In other key indicators, banknotes and coins in circulation increased to N5.44 trillion, up from N3.65 trillion, while total deposits climbed to N52.38 trillion from N38.18 trillion in 2023. The value of CBN-issued instruments also grew to N24.27 trillion, up from N17.40 trillion in the preceding year.
