Sunday, May 25, 2025
  • Share your story
  • About
  • Contact
Economy FootPrint
  • Home
  • News & Politics
  • Opinion
  • Finance & Economy
  • Aviation
  • Editorial
  • Transport & Blue Economy
  • Features | Analysis
  • Health | Environment
Economy FootPrint
Home Finance | Insurance | Pension

CBN Posts ₦165bn Surplus in 2024 Financial Year

Chris AGABI by Chris AGABI
May 2, 2025
in Finance | Insurance | Pension, Top News
Reading Time: 3 mins read
0
Share on FacebookShare on Twitter

The Central Bank of Nigeria (CBN) has reported strong positive performance in its 2024 financial year posting ₦165bn Surplus from a deficit of ₦1.3trn in 2023.

Sharing its performance highlights shared with the media, the apex bank indicated that the turnaround is a direct consequence of effective containment of expenditure, gains on investments made by the bank and increased income from foreign exchange transactions.

Related posts

Troops Foil Oil Theft Worth Over 500M In One Week

May 24, 2025

Troops Kill Several Terrorist In Gajibo Borno State

May 23, 2025

The CBN also said the overall positive results also reflect the bank’s commitment to economic stability, sound policy implementation, and strategic financial management, highlighting improvements in external reserves, asset quality, cost efficiency and overall bottom-line improvement.

The sectorial results also showed strong resilience of the bank in spite global headwinds and turbulent local economic climate.

External Reserves Position

The External Reserves recorded an increased from $36.6bn in 2023 to $38.8bn in 2024. This is largely attributable to improvement in accretion to external reserves from portfolio investors, diaspora remittances and Federal Government receipts following improvement in the confidence in the economy. facilitated by better coordination with the Nigerian National Petroleum Company (NNPC) and diaspora engagement strategies. Also, proper investment management decisions aimed at boosting the reserves of the Bank.

This performance reflects the CBN’s firm commitment to external sector stability, ensuring Nigeria is better positioned to meet its international obligations, stabilize the Naira, and boost macroeconomic confidence.

Improved Bottom-line Performance

The bottom-line improved from a deficit position of ₦1.3trn in 2023 to a surplus of ₦165bn in 2024. This turnaround is a direct consequence of effective containment of expenditure, gains on investments made by the Bank and increased income from foreign exchange transactions.

Reduction in Loans and Receivables

The financial statements also show a notable reduction in loans and receivables from ₦16.1trn to ₦11.9trn. This is primarily attributed to significant recoveries from earlier intervention lending programs, a deliberate policy shift away from intervention lending and monetary financing through ways and means in line with the Bank’s new stance on allowing market mechanisms to drive credit allocation and financial sector development.

Other Operating Expenses

Operating expenses in 2024 were well-managed and optimized, reflecting a cost-conscious culture. This was achieved through strategic cost rationalization initiatives, including reduction in non-essential spending and streamlined operations across regional branches and departments.

Timely and successful adoption of Internal Control over Financial Reporting (ICFR)

In line with the Financial Reporting Council (FRC) regulatory requirement on ICFR, it is worthy to note that the Central Bank was able to carry out an assessment of its internal controls which was further certified effective by the joint external audit team.

  • Enhancing transparency and accountability in financial reporting.
  • Strengthening institutional governance and internal risk controls.
  • Aligning with international best practices in central bank operations

As a testament to the effectiveness of this initiative, the joint external auditors issued an independent assurance report declaring the Bank’s ICFR framework to be “effective” for the 2024 reporting period.

While the Central Bank of Nigeria’s 2024 financial results reflect operational improvements, some expenditure lines posed challenges.

Increased Liquidity Management Expenses

One of the notable upticks in the Bank’s expenses in 2024 was related to liquidity management operations. These costs rose to ₦4.5trn from ₦1.5trn in 2023. This increase was in tandem with the tightening monetary policy stance adopted to combat inflationary pressures throughout the year. In pursuit of that the Bank conducted more frequent and higher-value Open Market Operations (OMO) to mop up excess liquidity arising from fiscal injections at a significant cost. This is a responsibility CBN is carrying out on behalf of the Federation, in some jurisdictions, this cost is borne by the Government.

Loss on Settled Derivative Contracts: A Strategic Move to Reduce FX Liabilities

The financial statements also reflect an increase in the loss on settled derivative contracts during the year from ₦6.3trn in 2023 to ₦13.9trn in 2024. This development is a direct consequence of the high volume of derivative contracts settled by the Bank in 2024. These are legacy transactions which the current management met on resumption of their office. This proactive settlement effort was undertaken as part of management’s broader strategy to Reduce outstanding foreign exchange liabilities, thus lowering its FX exposure, boost net foreign reserves, thereby improving Nigeria’s external buffer and investor confidence, restore credibility to Nigeria’s forward markets and address legacy obligations transparently.

According to CBN, the improved performance of the Central Bank of Nigeria in 2024 is not coincidental but a product of deliberate, and strategic management efforts.

The Bank’s leadership has reinforced governance and accountability, instilling operational discipline and pursued a balanced monetary policy stance, ensuring price and financial system stability.

It said these reforms have collectively repositioned the CBN as a credible monetary authority, with its 2024 financial results serving as proof of its unwavering resolve to support economic recovery, safeguard financial stability, and build public trust.

Previous Post

NIMC REVIEWS FEES FOR ITS SERVICES, PRODUCTS

Next Post

FLIGHT DISRUPTIONS: NCAA ADVISES AIR PEACE TO TRIM OPERATIONS

Next Post

FLIGHT DISRUPTIONS: NCAA ADVISES AIR PEACE TO TRIM OPERATIONS

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Nigeria, Uganda explore direct flight opportunity

2 years ago

Full Year 2024: UBA Grows Profit to ₦804 Billion, Declares N3.00 Kobo Final Dividend

2 months ago

Transcorp Hotels CEO Dupe Olusola speaks at Africa Hotel Investment Forum

2 years ago

Keyamo Engages Airline Operators, Nigeria Insurers To Foster New Partnerships In Aviation Insurance

7 months ago

FOLLOW US

  • 86.2k Followers

BROWSE BY CATEGORIES

  • Aviation
  • Brands
  • Crime
  • Editorial
  • Features | Analysis
  • Finance | Insurance | Pension
  • Health | Environment
  • Industry | Trade | Commerce
  • International
  • Interview | Profile
  • News
  • Opinion
  • Politics
  • Small Business
  • Sports
  • Top News
  • Transport & Blue Economy
  • Uncategorized

BROWSE BY TOPICS

2023 Benue Budget Abuja-Kaduna Rail Access Corporation Access pension airports concession Aviation Ayu Benue Budget Benue Community Buhari Business CBN Central Bank Dana Air Economy FGPL Herdsmen Herdsmen attacks insecurity insurance Maritime Min of Transport MSMEs NAICOM NCAA Nigeria Nigeria -Cameroon Border Post Nigeria Air NRac Onne Port ooh Orrom Ortom PDP PenCom pension Railway Sambo Jaji Transcorp Transcorp Group Transcorp Hotels Plc UBA Ukohol Wike Wildon Ideva

BROWSE BY CATEGORIES

  • Aviation
  • Brands
  • Crime
  • Editorial
  • Features | Analysis
  • Finance | Insurance | Pension
  • Health | Environment
  • Industry | Trade | Commerce
  • International
  • Interview | Profile
  • News
  • Opinion
  • Politics
  • Small Business
  • Sports
  • Top News
  • Transport & Blue Economy
  • Uncategorized

Economy Footprint

The EconomyFootprint is published by Ideas Tent Communications Ltd®. All Rights Reserved.

Follow us on social media:

Recent News

  • Customs Intensifies Crack Down on Fuel Smugglers, Seizes 49, 000 Litres of PMS
  • Customs Receives Multiple NIPR Awards for Excellence in Public Relations at NPRW 2025
  • Troops Foil Oil Theft Worth Over 500M In One Week

Category

  • Aviation
  • Brands
  • Crime
  • Editorial
  • Features | Analysis
  • Finance | Insurance | Pension
  • Health | Environment
  • Industry | Trade | Commerce
  • International
  • Interview | Profile
  • News
  • Opinion
  • Politics
  • Small Business
  • Sports
  • Top News
  • Transport & Blue Economy
  • Uncategorized

Recent News

Customs Intensifies Crack Down on Fuel Smugglers, Seizes 49, 000 Litres of PMS

Customs Intensifies Crack Down on Fuel Smugglers, Seizes 49, 000 Litres of PMS

May 24, 2025
Customs Receives Multiple NIPR Awards for Excellence in Public Relations at NPRW 2025

Customs Receives Multiple NIPR Awards for Excellence in Public Relations at NPRW 2025

May 24, 2025
No Result
View All Result
  • Home
  • Politics
  • News
  • Sports
  • Opinion