The Central Bank of Nigeria (CBN) has provided loans and advances totaling N37.6 billion to mortgage banks in 2022, according to the audited financial statement of the central bank. The loans were extended to mortgage banks including the Federal Mortgage Bank of Nigeria and the Nigerian Mortgage Refinance Company.
The report indicates that the Nigerian Mortgage Refinance Company (NMRC), a public-private refinance mortgage institution, received a loan of N37 billion. Additionally, N9 million was advanced to the Federal Mortgage Bank of Nigeria (FMBN).
The loans disbursed by the CBN fall under the category of loans and receivables, referring to funds lent out by a company that are expected to be repaid within a year. Although the report doesn’t specify whether the loans have been repaid, analysis reveals that the same amount was lent to the banks in the previous year, 2021.
This disclosure comes as the CBN recently made its Consolidated Financial Statements for the past seven years available for public scrutiny. In 2022, the central bank reported a profit after tax of N103.8 billion, marking an increase from N75.13 billion in the preceding year.
Furthermore, the CBN’s financial obligations included $7.5 billion owed to J.P. Morgan and Goldman Sachs as of December 2022, along with $6.3 billion in forex obligations to foreign investors.