By Ayomide Otitoju
The Central Bank of Nigeria (CBN) has announced a significant rise in its operating income, surging to N15.23 trillion in 2024, up from N5.89 trillion recorded in 2023. The figures were contained in the apex bank’s newly released consolidated and separate financial statements for the year ended December 31, 2024.
The banking sector also recorded a 41.3% increase in total operating income from subsidiaries, reaching N15.1 trillion compared to N5.91 trillion the previous year.
Significantly, the CBN Group posted a profit after tax (PAT) of N38.8 billion, marking a dramatic recovery from the N1.15 trillion loss reported in 2023. Year-on-year losses for the group also declined to N680.62 billion, down from N1.16 trillion.
The financial results incorporate the performance of the CBN and its subsidiaries, including the Nigerian Security Printing and Minting (NSPM) Plc, in which the bank holds 89.52% equity, and Tawada Limited, an indirect subsidiary where it controls 53.71% of shareholding.
Additionally, the CBN holds full ownership of the Nigeria Incentive-Based Risk-Sharing System for Agricultural Lending (NIRSAL) and 99.99% in the Nigerian Electricity Supply Industry Stabilisation Strategy Limited (NESI). It also owns 70% of the Infrastructure Corporation of Nigeria Limited (InfraCorp).
The Group’s total liabilities and equity rose sharply to N117.60 trillion in 2024, up from N87.87 trillion in 2023, reflecting strengthened financial positioning.
A key highlight in the report was a 225% increase in net unrealised foreign exchange revaluation gains, which rose to N11.28 trillion. The CBN’s liabilities to the International Monetary Fund (IMF) also doubled to N5.06 trillion from N2.52 trillion in 2023.
Other notable increases include:
Banknotes and coins in circulation: rose to N5.44 trillion (from N3.65 trillion)
Total deposits: climbed to N52.38 trillion (from N38.18 trillion)
Value of CBN Instruments issued: increased to N24.27 trillion (from N17.40 trillion)
Current tax liabilities: up to N9.25 billion (from N6.81 billion)
The financial report signals a notable rebound and renewed fiscal strength for the apex bank after a challenging 2023.
