CBN bounces back with N38.84bn profit in 2024 from N1.15tn loss

Nike Popoola

The Central Bank of Nigeria (CBN) has reported a profit of N38.837bn in 2024 financial period from a loss of N1.15tn at the end of 2023.

This was disclosed on Friday by the CBN in its report on the summary of its consolidated and separate financial statements for the year ended 31 December 2024.

In line with the provisions of the Fiscal Responsibility Act (the Act) 2011, the report said, 20% of the profit of the Bank will be credited to retained earnings while the balance will be paid to the Federal Government of Nigeria.

The banking industry regulator presented, “The state of affairs of the Central Bank of Nigeria (the ‘Bank’) and its subsidiaries (together the ‘Group’) as at 31 December 2024, the results and cash flows of the Group and the Bank in accordance with the accounting policies set out on pages 27 to 78 which are derived from the IFRS Accounting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards), the recommended practices in the guidelines issued February 2018, revised for reporting period up to 31 December 2024 by the Financial Reporting Council of Nigeria (FRC), titled ‘Revised Accounting Guideline for Financial Reporting by the Central Bank of Nigeria’ (the Guideline) as it affects Central Bank of Nigeria operations, the CBN Act of 2007 and the Financial Reporting Council (FRC) of Nigeria (Amendment) Act, 2023.”