The Central Bank of Nigeria (CBN) has published its audited financial statements for the year ended 31 December 2024, showing a dramatic turnaround from the N1.55 trillion loss in 2023 to a profit after tax of N38.8 billion. The rebound reflects a shift in the bank’s fortunes amid persistent economic turbulence, foreign exchange volatility, and structural shifts in the country’s financial space.
The performance, audited by KPMG Professional Services and Ernst & Young, was largely powered by non-cash net unrealized foreign exchange revaluation gains, which rose by an eye-catching 225% to N11.28 trillion — forming the backbone of the CBN’s recovery narrative.
This foreign exchange revaluation alone accounted for the lion’s share of the total operating income, which soared to N15.1 trillion in 2024, up from N5.9 trillion the previous year.
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The CBN also recorded a year-on-year increase of 29.16% in interest income, reaching N5.1 trillion from N3.95 trillion in 2023. However, this gain was undercut by a steep rise in interest expenses, which climbed by 185% to N4.979 trillion. The ballooning interest costs meant that net interest income declined sharply by 94%, falling to just N122.91 billion from N2.2 trillion in the previous financial year.
Despite the underlying strength in operating income, the financial statements reflect the CBN’s continued exposure to a volatile macroeconomic environment. The report noted that these external pressures shaped the overall performance of the Group and the Bank during the year under review.
The 2024 financial statements were prepared according to the International Financial Reporting Standards (IFRS) and complied with the updated guidelines of the Financial Reporting Council of Nigeria (FRC). The audit also aligned with the amended provisions of the Central Bank of Nigeria Act and the FRC Act, both of which were revised in 2023. The audit statements, dated April 30, 2025, were jointly signed by Akinyemi Ashade and Abiodun Akinnusi.
In accordance with the Fiscal Responsibility Act of 2011, the Central Bank stated that 20% of the reported profit would be credited to retained earnings, while the remaining 80% would be transferred to the Federal Government of Nigeria.
From a balance sheet perspective, the CBN’s consolidated total assets rose significantly to N117.60 trillion as of December 31, 2024, compared to N87.88 trillion a year earlier. When viewed separately, the Bank’s standalone assets increased to N117.44 trillion from N86.83 trillion. This asset growth was bolstered by a surge in the value of the Bank’s external reserves, which climbed to N54.73 trillion from N29.98 trillion in 2023. There was also a notable increase in IMF holdings of Special Drawing Rights (SDRs), which rose to N6.36 trillion, up from N3.95 trillion.
However, not all asset categories recorded positive movements. Cash and bank balances declined steeply to N34.72 billion from N111.15 billion in the previous year, while loans and receivables dropped to N10.96 trillion compared to N15.09 trillion in 2023. This reduction in credit exposure suggests a more cautious lending stance adopted during the period.
On the liabilities side, the CBN saw a sharp increase in banknotes and coins in circulation, which rose to N5.44 trillion from N3.65 trillion, underscoring rising currency demands in the economy. Total deposits also expanded significantly, reaching N52.38 trillion, up from N38.18 trillion. The Bank issued N24.27 trillion worth of its financial instruments, up from N17.40 trillion in 2023, further reflecting its active monetary operations. Other liabilities grew to N21.20 trillion from N19.02 trillion, while IMF-related liabilities more than doubled to N5.07 trillion from N2.52 trillion.
Total liabilities for the Group stood at N116.59 trillion in 2024, marking a substantial increase from N85.86 trillion the year before. This rise outpaced the increase in total assets, contributing to a deterioration in equity levels.
Group equity declined to N1.01 trillion from N2.01 trillion in 2023, while the standalone equity of the Bank also fell to N728.24 billion from N882.42 billion. The financial statements revealed that accumulated losses remained a concern, standing at N798.55 billion for the Bank, slightly down from N874.82 billion in the previous year. However, the Bank reported a fair value reserve of N800.78 billion at the close of the financial year.
Despite the lingering equity pressures and high liabilities, the audit opinion gave a clean bill of health to the financial statements, confirming that they present a true and fair view of the CBN’s financial position as of December 31, 2024. There were no qualifications or emphasis of matter paragraphs in the auditor’s report.
This latest financial disclosure by the CBN may play a critical role in shaping policy discourse around monetary and fiscal management. However, analysts note that the rebound in profitability, driven heavily by forex revaluation gains rather than core lending activities, highlights the continuing influence of currency dynamics on the Bank’s balance sheet. It also raises questions about the sustainability of such profits in the absence of a stable foreign exchange market and interest environment.