By OBSERVERS TIMES
The Central Bank of Nigeria (CBN) has announced a substantial profit of N38.8 billion for the fiscal year ending December 31, 2024, a remarkable recovery from the N1.15 trillion loss reported in 2023. The bank’s 2024 financial statements reveal that the CBN Group, encompassing subsidiaries like the Nigerian Security Printing & Minting Plc (MINT) and the Nigerian Electricity Supply Industry Stabilisation Strategy Limited (NESI SS Ltd), contributed to this positive outcome.
The CBN’s profit before tax (PBT) stood at N44.68 billion in 2024, a considerable improvement from the N1.15 billion loss in the preceding year. Furthermore, the total assets of the CBN Group experienced a significant surge of 33.83 percent, reaching N117.6 trillion, up from N87.87 trillion in 2023. This growth was primarily fueled by an impressive 82.58 percent increase in external reserves, which climbed to N54.72 trillion from N29.97 trillion.
The bank also saw a 61.42 percent rise in its holdings of special drawing rights (SDRs) from the International Monetary Fund (IMF), increasing to N6.36 trillion from N3.94 trillion in 2023. Debt instruments at amortised cost also contributed to the asset growth, rising by 12.67 percent to N29.8 trillion from N26.45 trillion.
Despite the positive performance in assets and profitability, total liabilities for the CBN Group increased by 35.78 percent to N116.58 trillion in 2024, compared to N85.86 trillion in the previous year. Consequently, the group’s equity decreased from N2.01 trillion in 2023 to N1.01 trillion in 2024.
In a parallel move aimed at bolstering financial stability, the CBN has directed bank directors with non-performing insider loans to tender their immediate resignation, underscoring the apex bank’s commitment to upholding financial integrity within the Nigerian banking sector.
