The Central Bank of Nigeria (CBN), on Tuesday published its audited financials for the year ended December 31, 2017, showing a 29.19% rise in total income, while net operating income declined due to fair value loss on financial instruments.
While total income rose by N489.29bn from N1.675tr in the corresponding full year of 2016, to N2.165tr last year, net operating income decreased by 38.8% to N400.46bn, compared to the N654.87bn in prior year.
Specifically, the report noted that the fair value loss “brought about a reduction of the net income for 2017 to N70.17bn, compared with N104.93bn in 2016.”
In line with the provisions of the Fiscal Responsibility Act 2011, the CBN is to credit 20% of the amount to its retained earnings (reserves) and the balance paid to the Federal Government.
The report also noted a further 35% expansion in the apex bank’s balance sheet in the review period at N29.31tr, helped mainly by growth in External Reserves, Loans and Receivables, holdings of SDR and Quota in the IMF.
The corresponding increase on the liability side, it continued, “resulted mainly from increased CBN issued instruments, increased IMF and other liabilities.”