The Central Bank of Nigeria (CBN) reported a profit of 38.8 billion naira after taxes for the whole of 2024, compared to a loss of 1.15 trillion naira recorded in fiscal year 2023.

According to the report, this solid performance was largely due to the strong growth in interest income and other operating income, in particular to the net unrealized foreign exchange revaluation gains of 11.28 trillion naira, up 225% year on year.

This increase contributed to a total operating income of 15.1 trillion naira, up from 5.9 trillion naira in 2023.

While the CBN saw a 29.16% year-on-year increase in interest income to 5.1 trillion naira (up from 3.950 billion naira in 2023), interest spending increased even more dramatically, increasing by 185% to 4.979 billion naira.

As a result, net interest income fell by 94% to 122.91 billion naira from 2.2 trillion naira the year before.

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and Financial Reporting Council of Nigeria (FRC) guidelines, including the 2023 amendments to the CBN Act and the FRC Act.

The accounts were audited by KPMG Professional Services and Ernst & Young and signed respectively by Akinyemi Ashade and Abiodun Akinnusi, both dated April 30, 2025.