In 2022, as revealed by the audited financial statement of the Central Bank of Nigeria, loans and advances totaling N37.6 billion were provided to mortgage banks. Among the recipients of these loans from the CBN were the Federal Mortgage Bank of Nigeria and the Nigerian Mortgage Refinance Company.
The loans and receivables section of the report displayed the borrowings, indicating that the Nigerian Mortgage Refinance Company (NMRC), a publicly-private mortgage refinance firm, borrowed N37 billion. This classification, as defined by ycharts.com, encompasses funds lent by a company that are anticipated to be repaid within a year.
Additionally, the report indicated that the Federal Mortgage Bank of Nigeria received an advance of N9 million. Simultaneously, N16 million was allocated as a subordinated loan to mortgage finance banks under the Nigeria Housing Finance Programme, culminating in a cumulative total of N37.6 billion.
Though the report did not explicitly specify whether the loan had been repaid, a more detailed analysis also indicated that an identical amount had been extended to the banks in the preceding year, 2021.
Notably, the Central Bank of Nigeria recently made its Consolidated Financial Statements for the past seven years publicly accessible. This marks the first instance since 2015 that the apex bank has made its financial records open to public examination.
In terms of financial performance, the CBN declared a profit after tax of N103.8 billion in 2022, demonstrating an increase from the N75.13 billion reported in the previous year.
Furthermore, by the end of December 2022, the CBN had outstanding debts totaling $7.5 billion with J.P. Morgan and Goldman Sachs combined.
