CBN releases audited financial statements, posts N35bn income

punchng.com

The Central Bank of Nigeria on Friday released its audited financial statements for 2013 and 2014 financial periods.

The bank, in a statement made available to journalists in Abuja, said with the release of the report, it had now fully “adopted” with the International Financial Reporting Standards.

The two financial statements, it noted, had been approved by its Board in accordance with the provisions of the CBN Act 2007.

It said, “The IFRS, one of the frameworks internationally recognised and accepted, mandates adopters of the framework to prepare consolidated financial statements.

“The released financial statements indicate that the net income of the Bank for 2013 amounted to N209.6bn while that of 2014 was N 35.4bn out which 80 per cent have since been remitted to the Federal Government of Nigeria in accordance with the Fiscal Responsibility Act.

“The balance of 20 per cent was also transferred to the Reserves within the Bank.”

It said the IFRS requirement implies that the financial statement of the CBN be consolidated with those of investee entities, such as the Nigeria Export-Import Bank, Abuja Securities and Commodities Exchange, Bank of Industry, Bank of Agriculture, and the Nigeria Interbank Settlement System.

Others are the National Economic Reconstruction Fund, Financial Markets Dealers Quotation, African Finance Corporation and Agricultural Credit Guarantee Fund.

Meanwhile, the bank said the adoption of IFRS was not without difficulties in view of a number of challenges that included the non-profit-oriented mandates of central banks in their roles of price and financial system stability and economic growth.

The statement said the bank was however able to work around these challenges to conclude a successful adoption of the IFRS.