Nigeria’s central bank posts N400 billion operating income in 2017

Nigeria’s central bank posts N400 billion operating income in 2017

The Central Bank of Nigeria, CBN, said it recorded N400.46 billion as net operating income for the full year 2017.

The result showed a 38.8 percent decrease below the N654.87 recorded in 2016.

The decrease in net operating income was as a result of fair value loss on financial instruments. The fair value loss thereby brought about a reduction of the net income for 2017 to N70.17 billion, compared with N104.93 in 2016.

The CBN explained that the decrease in net operating income was as a result of fair value loss
on financial instruments. The fair value loss thereby brought about a reduction of the net income for 2017 to N70.17 billion, compared with N104.93 in 2016.

“In line with the provisions of the Fiscal Responsibility Act 2011, 20.0 per cent of the net income will be credited to retained earnings (reserves), while the balance will be paid to the Federal Government.”