CBN Circulars & Publications | |
CBN Circulars & Publications | |
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Tuesday, March 05, 2019 05.59PM / By CBN
We hereby forward the Central Bank of Nigeria’s
initial Guidance Note on the implementation of IFRS 9 (Financial Instruments)
in the Other Financial Institutions (OFIs) sector.
The guidance note communicates supervisory
expectations for the implementation of new standard, especially in areas where
OFIs are expected to exercise considerable judgement and/or elect to use
simplifications and other practical expedients permitted under the standard.
The note also specifies information to be submitted to the CBN not later
than March 31, 2019 on IFRS 9 implementation projects while requiring OFIs to
submit monthly status updates on the implementation projects starting July 31,
2019.
To ensure seamless implementation, the CBN has
established a project team and OFIs are encouraged to seek clarifications, if
any, on the Guidance Notes by contacting the accounting supporting team via
email on aologunde@cbn.gov.ng or vamartins@cbn.gov.ng
Download
Full Guidance Note Here
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