The Central Bank of Nigeria recorded 680.62 billion losses.
Nigeria News Nalin According to reports, the Central Bank of Nigeria (CBN) reported that losses decreased by 41.3% year-on-year for the fiscal year ended December 31, 2024, a decrease of US$680.662 billion from the fiscal year ended December 31, 2023.
The Nigerian news platform learned that this information was disclosed in CBN’s consolidated and separate financial statements for the year ended December 31, 2024.
As of December 31, 2024, the Supreme Bank outlined the current status of the “Bank” and its subsidiaries (collectively known as the “Group”), detailed the results and cash flows of the Group and the Bank, and under the accounting obligations of pages 27-78.
These policies are based on the IFRS accounting standards issued by the International Accounting Standards Commission, as well as the recommended practices outlined in the guidance issued in February 2018, which has been revised in the reporting period ended on 31 December 2024.
These include the “Revised Accounting Standards for Financial Reporting by the Central Bank of Nigeria” because it relates to the operations of the Central Bank of Nigeria, the CBN Act of 2007, and the Financial Reporting Commission (FRC) (Amendment) Act (Amendment) Act of Nigeria.
The report added: “The (loss)/profits of the Group and Bank for the year ended December 31, 2024 were USD (68.0626) and USD 165.694 billion (2023: ₦1, 1, 16 trillion and ₦1.27 trillion, respectively.
“Under the provisions of the Fiscal Year 2011 Liability Act (the Act), 20% of the bank’s profits will be credited to retained income and 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 (“Bank”) and its subsidiaries (“Group”) as of December 31, 2024, their financial results and cash flows as of December 31, 2024.
“The Board further assumes the responsibility of maintaining accounting records that may rely on summary consolidation and separate financial statements and adequate internal financial control systems.
“The board’s attention has nothing to indicate that the group and the bank will be paying attention for at least twelve months on the date of this statement.”
