Northern Nigerian Breaking News

After 7 years, CBN releases financial statements amid investigation

In the midst of an ongoing investigation into its operations, the Central Bank of Nigeria (CBN) has released the Consolidated Financial Statements for the last seven years.

This action is the first since 2015 where the apex bank allows the public access to assess its operating performance.

It covers 2016 to 2022 financial years.

According to the document already posted on its website, the apex bank in 2022 owed JP Morgan, Goldman Sachs, among other liabilities.

The CBN Consolidated Financial Statements showed that it owes JP Morgan N3.2 trillion or $7 billion and Goldman Sachs N0.23 trillion or $500 million, while N3.1 trillion or $6.3 billion is owed as foreign currency forwards.

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The statement further showed that the CBN generated revenue of N2.87 trillion up from N1.96 trillion in 2022.

Profit during the period was N103.85 billion up from the N75 billion posted in 2021.


The accounts show that CBN reserves comprised of Time deposits and Money Placements of N4.68 trillion, other foreign securities of N5.88 trillion, Current Accounts with foreign banks N3.34 trillion domiciliary accounts of N294.8 billion, sundry currencies and traveler’s cheques of N199.8 billion and the N578.6 billion Gold Bullion which is 16kg.

Further analyses based on currency showed that reserves had convertible currencies in United States Dollars worth N12.45 billion; N1.6 trillion worth of Chinese Renminbu; N134.5 billion worth of British pound; N75 billion worth of Euro; N33 billion worth of Japanese Yen and N66bn worth of other currencies.

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Since 2005 when it started publishing details of its annual report on its website, the CBN maintained consistency up until 2016 when it stopped the publication of the crucial documents.

According to the CBN Act 2007, the apex bank is expected to publish its report within two months after the end of each financial year.

“The Bank shall, within two months after the close of each financial year, transmit to the National Assembly and the President a copy of its annual accounts certified by the Auditor.

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“A report required to be submitted to the National Assembly and the President shall be published by the Bank in such manner as the Governor may direct”, the Act read in part.

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