The Central Bank of Nigeria, CBN recorded a 41.3 percent year-on-year, YoY decline in loss to N680.62 billion loss in the financial year ending December 31st 2024 from N1.16 trillion loss recorded in 2023.
The CBN disclosed this in its Consolidated and Separate Financial Statement for the year ended December 31st 2024.
CBN said: “We present the state of affairs of the Central Bank of Nigeria (the ‘Bank’) and its subsidiaries (together the ‘Group’) as at 31 December 2024, the results and cash flows of the Group and the Bank in accordance with the accounting policies set out on pages 27 to 78 which are derived from the IFRS Accounting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards), the recommended practices in the guidelines issued February 2018, revised for reporting period up to 31 December 2024 by the Financial Reporting Council of Nigeria (FRC), titled “Revised Accounting Guideline for Financial Reporting by the Central Bank of Nigeria” (the Guideline) as it affects Central Bank of Nigeria operations, the CBN Act of 2007 and the Financial Reporting Council (FRC) of Nigeria (Amendment) Act, 2023.
“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 Board of Directors are of the opinion that the summary consolidated and separate financial statements are prepared in all material respects, in accordance with IFRS Accounting Standards, 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 to reflect the state of the financial affairs of the Central Bank of Nigeria (“the Bank”) together with its subsidiaries (“the Group”) as at 31 December 2024, and of its financial performance and cash flows for the year ended 31 December 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.
“Nothing has come to the Board of Directors to indicate that the Group and Bank will not remain a going concern for at least twelve months from the date of this statement.”
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