The Central Bank of Nigeria has posted a positive balance sheet for 2024, revealing a surplus of N38.8 billion.

This positive result is coming after recording a massive loss of N1.15 trillion the year before, its new financial statements show.

According to a statement by the bank, the profit was driven mainly by a jump in income from financial investments and revaluation gains, profits made when the value of assets like bonds or foreign reserves rose.

The CBN earned N1.89 trillion from such gains in 2024, compared with a loss of N28 billion the year before. It also recorded N12.9 trillion in other income, more than triple what it made in 2023.

The bank's total assets rose sharply to N117.6 trillion in 2024, up from N87.9 trillion in 2023. This was largely due to a rise in Nigeria's foreign reserves, which increased from N29.9 trillion to N54.7 trillion.

These reserves include the country's savings in foreign currencies, held to support the naira and manage external debt.