The CBN balance sheet expanded from approximately ₦3.5T in early 2005 to roughly ₦81T by late 2023 — peaking near ₦93T in October 2023 — driven by oil revenue growth, monetary policy operations and FX interventions. Because a balance sheet balances, total assets and total liabilities are equal and their lines overlap. Gold holdings represent Nigeria's international gold reserve position.
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Total assets equal total liabilities — a balance sheet always balances — so one line represents both. The near-vertical jump in mid-2023 is real: the Naira devaluation revalued the CBN's foreign-currency assets, alongside the securitisation of the government's Ways & Means overdraft.
Gold, government deposits and bankers' deposits sit on very different scales, so each gets its own panel rather than being crushed onto one shared axis (which previously hid the gold line entirely).