The Central Bank of Nigeria has asked commercial banks to implement the International Financial Reporting Standard 9 (IFRS9) on or before January 1, 2018.
The Director, Banking Supervision, CBN, Mr Ahmad Abdullahi who mentioned this at an event in Lagos says it appears many banks are yet to intensify efforts to meet the deadline.
He explains that the IFRS9 would not bring the desired benefits if it is not effectively implemented and applied consistently and all hands must be on deck to ensure its success.
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