Nigeria, May 7 -- After recording a record loss of N1.27 trillion in 2023, the Central Bank of Nigeria (CBN) returned to profitability in 2024 with a surplus of N38.8 billion, newly released financial statements show.

The turnaround was largely driven by a sharp rise in revaluation gains and profits made when the value of assets such as foreign reserves increased, alongside a tripling of "other income" to N12.9 trillion.

However, the central bank continued to post steep losses on derivative contracts, which ballooned to N13.88 trillion, more than double the previous year's figure. The report did not provide a breakdown of the contracts involved.

Despite the profit, the bank is still weighed down by large accumulated losses and shrinkin...