CBN releases seven-year financial statements, records N103.85 billion

CBN releases seven-year financial statements, records N103.85 billion

Owes JP Morgan, Goldman Sachs, FX Forwards $13.8bn

The Central Bank of Nigeria (CBN) has released the Consolidated Financial Statements for the last seven years.

The apex bank statements posted on its website, cover 2016 to December 31, 2022 financial years.

The statement 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.

It also revealed that CBN reserves comprised Time deposits and Money Placements of N4.68 trillion, other foreign securities of N5.88 trillion, Current Accounts with foreign banks of 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. 

According to CBN Consolidated Financial Statements, it shows that in 2022 the bank owes JP Morgan N3.2 trillion or $7 billion and Goldman Sachs N23 trillion or $500 million, while N3.1 trillion or $6.3 billion is owed as foreign currency forwards.

However, 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 Renminbi; N134.5 billion worth of British pound; N75 billion worth of Euro; N33 billion worth of Japanese Yen and N66bn worth of other currencies. 
IdanNews gathered that the Association of Capital Market Academics of Nigeria ACMAN, President, Prof. Uche Uwaleke, commended the present management of CBN, led by Folashodun Adebisi Shonubi (acting Governor) for publishing the financial reports of the bank after so many years as it will boosting the confidence of investors in the Nigerian economy