CBN yet to release financial statement for 2023 – Economist, Emmanuel

An economist, Kelvin Emmanuel has asked the Central Bank of Nigeria under its Governor, Olayemi Cardoso to release its financial statement for 2023.

Emmanual made this demand through his official X handle on Wednesday.

According to him, the call became necessary in line with the CBN Act 2007 which requires the apex bank to transit to the National Assembly and the President a copy of its annual accounts certified by the auditor.

The analyst noted that the accounts must be made public to see the improvement on its balance sheet, especially as it regards the difference between the gross and net external reserves — FX swaps and forwards with external asset managers.

He added that Nigerians need to know the details of loans collected from FX currency positions of banks (held on behalf of customers), and FX non-deliverable forwards that banks held with the CBN on behalf of customers.

“This is to remind us that @cenbank is yet to comply with the CBN Act on publishing its annual accounts for the 2023/2024 financial year.

“Sections 50(1) of the CBN Act:

“The bank shall within 2 months of the close of each financial year, transit to the National Assembly and the President a copy of its annual accounts certified by the auditor.”

“Sections 50(3) of the same act:

“The board shall ensure that accounts submitted under this section shall as soon as possible be published in the Gazette.”

Recall that the CBN had in August 2023 released its 2016-2022 financial statements amid the Jim Obazee-led probe of the apex bank under the embattled former governor, Godwin Emefiele.

Consequently, the Auditor General of the Federation asked CBN to explain the missing $4.5 billion unaccounted for in Nigeria’s foreign reserves between 2018 and 2019.

CBN yet to release financial statement for 2023 – Economist, Emmanuel