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CBN Declares Highest Profit in 5 Years as Naira Exchange Rate Gets Closer to N1000 per Dollar
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CBN Declares Highest Profit in 5 Years as Naira Exchange Rate Gets Closer to N1000 per Dollar

by  Dave Ibemere 2 min read
  • The CBN has released its results for the year ending December 2022, revealing some impressive figures
  • In the report, the apex bank disclosed that it recorded its highest profit in the last five years in 2022 after settling taxes
  • Despite the good news, the CBN faces a significant challenge, as the Nigerian currency, the naira, is edging closer to N1000 per dollar

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The Central Bank of Nigeria (CBN) declared a massive profit of N103.85 billion after-tax payment obligation in 2022.

This represents a 38.24% increase in profit compared to the N75.12 billion recorded the previous year.

CBN profit
Central Bank of Nigeria's profit jumped to a five-year high in 2022. Photo credit: CBN
Source: Twitter

CBN's profit hits 5-year high

The apex bank disclosed the figures in its latest financial statements on its website obtained by Legit.ng.

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Read also

Naira getting close to N1,000 per dollar as CBN explains reason For the fall

Analysis of the result showed that the profit declared in 2022 is the highest in five years and the fifth time the CBN has recorded more than N100 billion in profit for a year.

Breakdown of CBN's profit since 2013

YearProfit declared by CBN
2013N213.56 billion
2014N33.60 billion
2015N123.07 billion
2016N124.47 billion
2017N107.38 billion
2018N43.77 billion
2019N34.63 billion
2020N31.04 billion
2021N75.12 billion
2022N103.85 billion

Naira slump continues

Meanwhile, the CBN has a different headache as the naira continues to struggle against the US dollar at official and unofficial markets.

Data from Abokifx showed that on Thursday, August 10, 2023, the naira exchanged for as high as N955 per dollar at the black market.

At the Peer to Peer market, used mainly by cryptocurrency traders, the naira sold at N929.5 against the US dollar.

For the official window, FMDQ securities showed that the naira closed on Thursday at the Investors and Exporters Window at N781.34 to a dollar.

Read also

Naira fall: CBN mops N150 billion from Access Bank, Zenith, others, Via OMO auction

CBN speaks on license status of 2,698 BDCs as naira falls again

The Central Bank of Nigeria has responded to reports that it withdrew over 2,000 Bureau de Change operators' licenses.

The reports of withdrawal come amid the continued depreciation of the naira at the official and black markets.

The CBN and the Bureau De Change Operators of Nigeria spoke with Legit.ng to set the records straight.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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