Cbn Posts Mixed 2024 Results: Group Losses N680.6bn, Bank Earns N165.7bn

The Central Bank of Nigeria CBN has released its financial statements for the year ended December 31, 2024. It reveals a significant divergence in performance between the apex bank and its subsidiaries. While the CBN as an individual entity posted a profit of N165.7 billion, the Group which includes the Bank and its subsidiaries recorded a loss of N680.6 billion. This represents a sharp decline from the N1.15 trillion Group profit recorded back in 2023.

The financial report, which is available on the Banks wedsite has been prepared in line with the International Financial Reporting Standards IFRS and guided by the Revised Accounting Guidelines for the Central Bank of Nigeria issued by the Financial Reporting Council of Nigeria FRC in February 2018 revised for reporting periods up to 2024, paints a mixed picture of the institution's financial health.

According to the CBN, the Bank's standalone profit of N165.7 billion will be subjected to the Fiscal Responsibility Act, 2011, under which 20 will be retained as earnings while the remaining balance will be remitted to the Federal Government of Nigeria. In contrast, the Group's overall performance was weighed down by losses from subsidiaries, contributing to the negative result.

The report, provides transparency on the activities and governance of the CBN. It details the Bank's Board of Directors holding four official meetings in 2024. This is in accordance with Section 6 of the CBN Act, 2007. The Committee of Governors convened 22 times within the same period, demonstrating sustained engagement in managing Nigeria's monetary and financial stability.

The Bank attributed the Group loss to macroeconomic challenges, exchange rate volatility, and adjustments in monetary policy instruments that affected the operations of certain subsidiaries. Analysts suggest that ongoing reforms and the floating of the naira may have contributed to financial pressure on the Bank's investment and intervention portfolios.