Central Bank of Nigeria has recorded ₦680.62 billion loss.
NewsOnline Nigeria reports that the Central Bank of Nigeria (CBN) reported a 41.3 per cent year-on-year reduction in losses, amounting to ₦680.62 billion for the financial year ending December 31, 2024, a decrease from the ₦1.16 trillion loss recorded in 2023.
This Nigeria news platform understands that this information was disclosed in the CBN’s Consolidated and Separate Financial Statement for the year ending December 31, 2024.
The apex bank outlined the current status of the ‘Bank’ and its subsidiaries (collectively referred to as the ‘Group’) as of December 31, 2024, detailing the results and cash flows of the Group and the Bank in accordance with the accounting policies specified on pages 27 to 78.
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These policies are based on the IFRS Accounting Standards issued by the International Accounting Standards Board, as well as the recommended practices outlined in the guidelines issued in February 2018, which were revised for the reporting period ending December 31, 2024, by the Financial Reporting Council of Nigeria.
This includes the ‘Revised Accounting Guideline for Financial Reporting by the Central Bank of Nigeria’ as it pertains to the operations of the Central Bank of Nigeria, the CBN Act of 2007, and the Financial Reporting Council (FRC) of Nigeria (Amendment) Act, 2023.
The report added: “The Group and Bank’s (loss)/profit for the year ended 31 December 2024 was (₦680.626) billion and ₦165.694 billion, respectively (2023: ₦1,16 trillion and ₦1.27 trillion, respectively.
“In line with the provisions of the Fiscal Responsibility Act (the Act) 2011, 20 per cent 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 attention of 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.”
