The Central Bank of Nigeria (CBN) has recorded significant improvement in its financials, positing a drop in loss position from N1.16 trillion in 2023 to N680 billion in 2024.
The financial performance was contained in the apex bank’s Consolidated and Separate Financial Statement for the year ended December 31st 2024, released on Friday.
The report said the loss figure, represents 41.3 per cent year-on-year decline in its financial loss during the financial year ended December 31, 2024.
“The Group and Bank’s (loss)/profit for the year ended 31 December 2024 was (N680.626) billion and N165.694 billion, respectively (2023: N 1,16 trillion and N1.27 trillion, respectively. In line with the provisions of the Fiscal Responsibility Act (the Act) 2011, 20 percent 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 bank said.
Statement of directors’ responsibility signed by CBN Governor, Olayemi Cardoso, said the summary consolidated and separate financial statements are prepared in all material respects, in accordance with International Financial Reporting Standards (IFRS) Accounting Standards.
It is the recommended practice in the guideline as it affects CBN operations, the relevant provisions of the CBN Act No. 7, 2007 and the Financial Reporting Council (FRC) of Nigeria (Amendment) Act, 2023.
According the report, the performance reflects the state of the financial affairs of the CBN together with its subsidiaries, its financial performance and cash flows for the year ended December 31, 2024.
“The Board of Directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of the summary consolidated and separate financial statements, as well as adequate systems of internal financial control,” the report said.
According to the apex bank, the group maintains a reserve of external assets consisting of Gold, Convertible currencies, Other foreign securities and International Monetary Fund (IMF) reserve tranche.
It disclosed that gold reserves include monetary gold in the Statement of Financial Position at the prevailing closing spot market price as at reporting date.
“Changes in the fair value of gold reserves arising from price changes as well as related foreign exchange gains and losses are recognized in profit or loss and applied prospectively in line with the revised 2024 FRC Guidelines. In the previous year, Gold was measured at fair value through other comprehensive income,” it said.
“These are time deposits and balances with foreign banks and other foreign securities where the currency is freely convertible and in such currency, notes, coins and money at call. These are securities of any country outside Nigeria whose currency is freely convertible and the securities shall mature in a period not exceeding five years from the date of acquisition,” it added.
The apex bank explained that the securities are further analysed into internally managed fund and externally managed fund. Internally managed fund is classified as amortised cost while the externally managed fund is classified as fair value through profit or loss.
“All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole,” the report said.
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