The Central Bank of Nigeria (CBN) has reported a profit after tax of ₦38.8 billion for the 2024 financial year, bouncing back from a record ₦1.55 trillion loss in 2023.
The figures were disclosed in the apex bank’s newly released audited financial statements, showcasing a dramatic shift in performance driven by robust earnings from interest and foreign exchange activities.
The most significant contributor to this reversal was a 225% surge in net unrealized foreign exchange revaluation gains, which climbed to ₦11.28 trillion, up from prior levels.
This development fueled the CBN’s total operating income, which soared to ₦15.1 trillion in 2024 — a significant leap from ₦5.9 trillion in 2023.
Despite a 29.16% year-on-year growth in interest income (rising to ₦5.1 trillion from ₦3.95 trillion), the bank faced mounting pressure on the cost side. Interest expenses rose sharply by 185%, reaching ₦4.98 trillion.
Consequently, the CBN’s net interest income plunged by 94% to ₦122.9 billion, down from ₦2.2 trillion in 2023 — highlighting the cost-heavy nature of managing monetary operations in an inflationary environment.
The financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) and adhered to both the Financial Reporting Council (FRC) of Nigeria’s guidelines and amendments to the CBN Act and the FRC Act in 2023.
The audit was jointly conducted by KPMG Professional Services and Ernst & Young, with certification signed off by Akinyemi Ashade and Abiodun Akinnusi, dated April 30, 2025.
The CBN noted that despite the overall profit, the Group’s performance still reflects the pressures of a volatile macroeconomic environment — including exchange rate fluctuations, monetary tightening, and inflation management.
In compliance with the Fiscal Responsibility Act of 2011, 20% of the 2024 profit will be credited to retained earnings, while the remaining balance is to be transferred to the Federal Government of Nigeria.
