The Central Bank of Nigeria (CBN) recorded a historic N498.2 billion loss in 2024, driven primarily by a N9.4 trillion foreign exchange revaluation loss, its most significant financial setback in recent memory.
The revaluation loss, which reflects the cost of settling foreign-denominated liabilities at weaker exchange rates, effectively erased the gains from the bank’s interest and fee-based operations.
In stark contrast, the CBN posted an FX gain of N1.2 trillion in 2023, highlighting the scale of deterioration in the country’s exchange rate environment.