CBN Rebounds Strongly in 2024, Records ₦165bn Surplus, Boosts External Reserves to $38.8bn
By Nasir Dambatta
In a major turnaround, the Central Bank of Nigeria (CBN) has posted a ₦165 billion surplus in its 2024 financial results, reversing the ₦1.3 trillion deficit recorded in 2023. The financial statement, released by the apex bank, paints a picture of renewed fiscal discipline, policy recalibration, and improved confidence in Nigeria’s monetary management.
One of the standout highlights is the rise in Nigeria’s external reserves from $36.6 billion in 2023 to $38.8 billion in 2024. This increase, driven by stronger inflows from diaspora remittances, portfolio investments, and improved collaboration with the Nigerian National Petroleum Company (NNPC), reflects a marked boost in economic confidence and the Bank’s strategic external sector stewardship.
The Bank also slashed loans and receivables from ₦16.1 trillion to ₦11.9 trillion—signaling a decisive move away from interventionist lending to a more market-driven credit framework. Additionally, operating expenses were tightly controlled, thanks to aggressive cost rationalization and operational streamlining across departments.
In a nod to governance and transparency, the CBN successfully implemented the Internal Control over Financial Reporting (ICFR) framework, earning a clean bill of health from joint external auditors who rated its control systems “effective.”
However, the report was not without signs of strain. Liquidity management costs rose sharply from ₦1.5 trillion to ₦4.5 trillion, as the Bank intensified monetary tightening to battle inflation. Another major outlay came from the ₦13.9 trillion loss incurred from settling legacy FX derivative contracts—a move CBN says was necessary to reduce Nigeria’s foreign exchange liabilities and rebuild investor trust.
Analysts say the results affirm the CBN’s resolve to reposition itself as a credible, transparent, and market-responsive institution.
With these reforms, the Central Bank is sending a clear message: it is back in control—and fully committed to economic stability, sound governance, and national financial resilience.
