Central Bank of Nigeria (CBN) has enjoined other regulatory authorities in the country to promote full disclosure among organizations under their purview. The apex bank believes that full disclosure would enhance the availability of information for investors and, hence aid foreign direct investment (FDI) to the country.
CBN has directed banks to adopt the International Financial Reporting Standards (IFRS) by end-2009, while Nigerian Stock Exchange had earlier counseled quoted companies to adopt the Reporting Standards in the preparation of financial statements.
IFRS is a standard of financial reporting and disclosure which promotes transparency and enhances the reliability of a financial statement.
Access Bank, First Bank and Guaranty Trust Bank have adopted the reporting standard.