CBN audited statements show N244bn income in 2yrs

The audited financial statements of the Central Bank of Nigeria (CBN) for 2013 and 2014 financial periods, showed that the net income of the Bank for 2013 amounted to N209.6bn while that of 2014 was N35.4bn.

The bank, in a statement made available to journalists in Abuja on Friday stated that with the release of the report, it had now fully “adopted” with the International Financial Reporting Standards.

The two financial statements, it noted, had been approved by its Board in accordance with the provisions of the CBN Act 2007.

It said, “The IFRS, one of the frameworks internationally recognised and accepted, mandates adopters of the framework to prepare consolidated financial statements.

“The released financial statements indicate that the net income of the Bank for 2013 amounted to N209.6bn while that of 2014 was N 35.4bn out of which 80 per cent have since been remitted to the Federal Government of Nigeria in accordance with the Fiscal Responsibility Act.

“The balance of 20 per cent was also transferred to the Reserves within the Bank.”

It said the IFRS requirement implies that the financial statement of the CBN be consolidated with those of investee entities, such as the Nigeria Export-Import Bank, Abuja Securities and Commodities Exchange, Bank of Industry, Bank of Agriculture, and the Nigeria Interbank Settlement System.

Others are the National Economic Reconstruction Fund, Financial Markets Dealers Quotation, African Finance Corporation and Agricultural Credit Guarantee Fund.

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