March 5, 2018/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

Click here to read full PDF copy of full guidance note