CBN Directs all Banks, Discount Houses on the implementation of IFRS 9 in Nigeria

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The directive which signed by Tokunbo Martins (Mrs), Director of Banking Supervision dept of CBN stated that “we hereby forward the Central Bank of Nigeria’s initial Guidance Note on the implementation of IFRS 9 (Financial Instruments) in the Nigerian banking sector.

“The Guidance Note communicates supervisory expectations for the implementation of the new standard, especially in areas where banks are expected to exercise considerable judgment and/or elect to use simplifications and other practical expedients permitted under the standard.

“The Note also specifies information to be submitted to CBN not later than April 30, 2017 on IFRS 9 Implementation Projects while requiring banks to submit monthly status updates on the implementation projects starting May 2017.

To ensure a seamless implementation, the CBN has established a Project Team and banks are encouraged to seek clarifications, if any, on the Guidance Notes by contacting the Project Manager, C. D. Nwaegerue, via email on for proper inform.

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