The Central Bank of Nigeria (CBN) has published its audited financial statements for the year ending December 31, 2024, revealing a mixed performance between the apex bank and its subsidiaries. While the CBN recorded a standalone profit of N165.7 billion, the consolidated Group — which includes the Bank and its subsidiaries — posted a significant loss of N680.6 billion, a sharp reversal from the N1.15 trillion profit reported in 2023.
The financial report, prepared in accordance with the International Financial Reporting Standards (IFRS) and the Financial Reporting Council of Nigeria’s updated 2018 guidelines, offers a transparent view of the Bank’s operations and financial position.
Despite the profit at the Bank level, the Group’s performance was weighed down by losses from its subsidiaries. In line with the Fiscal Responsibility Act of 2011, only 20% of the Bank’s profit will be retained, with the remainder remitted to the Federal Government.
The report also highlights governance activities in 2024, with the Bank’s Board of Directors holding four meetings and the Committee of Governors meeting 22 times — reflecting active oversight in a year marked by economic challenges.
Why the Group Reported a Loss
The Group loss was attributed to multiple factors, including macroeconomic instability, exchange rate fluctuations, and monetary policy shifts that affected the performance of some subsidiaries. Analysts point to the floating of the naira and ongoing structural reforms as contributors to the strain on the Bank’s investment and intervention programs.
Under Governor Olayemi Cardoso’s leadership, the CBN has emphasized its commitment to transparency, accountability, and global reporting standards. The release of the 2024 report is part of broader efforts to rebuild public trust and promote sound financial governance.
As Nigeria braces for continued economic headwinds in 2025 — including high inflation, FX volatility, and slow GDP growth — the performance of the CBN and its affiliates will be closely monitored by stakeholders.
The report not only details the CBN’s financial state but also reinforces its key role in safeguarding monetary stability and supporting sustainable economic development amid a shifting economic landscape.
