This is the first time the apex bank is releasing its Consolidated Financial Statements since 2016.
The books showed that the apex bank generated revenue of N2.87trn up from N1.96trn in 2022.
Profit during the period was N103.85bn up from the N75bn posted in 2021.
The securities lending agreement which was received in cash forms part of the apex bank’s external reserves of N14.9trn.
The CBN statement said, “Also included in convertible currencies (time deposits and money placements, current accounts with foreign Banks, other foreign securities and domiciliary accounts) is cash received from Goldman Sachs and J. P. Morgan.
“The Group entered into a securities lending agreement with Goldman Sachs and J. P. Morgan and as part of the agreement, the Group pledged its holdings on foreign securities in return for cash. The cash received from Goldman Sachs is N0.23 trillion ($500 million), 2021: N0.22 trillion ($500 million) and JP Morgan N3.23 trillion ($7 billion), 2021: N3.05 trillion ($7 billion) is recognised in other foreign securities.”
The accounts show that CBN reserves comprised of Time deposits and Money Placements of N4.68trn, Other foreign securities of N5.88trn, Current Accounts with foreign banks N3.34trn, domiciliary accounts of N294.8bn, sundry currencies and traveler’s cheques of N199.8bn and the N578.6bn Gold Bullion which is 16kg.
Further analyses based on currency showed that reserves had convertible currencies in United States Dollars worth N12.45bn; N1.6trn worth of Chinese Renminbu; N134.5bn worth of British pound; N75bn worth of Euro; N33bn worth of Japanese Yen and N66bn worth of other currencies.