Key questions this article answers:
  1. The CBN recently released its financial statements after a seven-year hiatus. What was its financial performance during this period?
  2. What is the cost of the CBN’s efforts to defend the naira in the face of declining foreign exchange revenue and reserves?


Last week, the Central Bank of Nigeria (CBN) released its financial statements after a prolonged silence of seven years. A quick look into the CBN’s financial performance between 2016 and 2022 shows why the CBN was being secretive about its financials as it struggled to keep its head above water.

In this article, we’ll discuss the CBN’s efforts at defending the naira and how it impacted its profitability in the past decade. 

One good place to start is by looking at how profitable the CBN has been over the years. This is critical because despite being the country’s sole monetary policy authority and the banking sector’s regulator, the CBN is still expected to remit profits to its shareholder—the Federal Government of Nigeria, per the CBN Act 2007.

The struggle to make a profit

This article will investigate how the bank has performed in its core business—banking using its net interest income. For context, net interest income