CBN devalues Naira now 168 to the US dollar

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) on Tuesday devalued the naira from N155 to N168 to the US dollar.

The MPC tightened the apex bank’s monetary policy by allowing some flexibilities in the exchange rate to stem speculative activities and depletion of reserves.

The announcement was made by the CBN Governor, Mr. Godwin Emefiele, while briefing journalists shortly after the MPC meeting   at the bank’s headquarters   in Abuja.

Nigerains React: Naira Hits N186 to $1 in Abuja Black Market

The exchange rate for the dollar in Abuja “black market’’ on Wednesday stood at between N182 and N186, an investigation by a News Agency of Nigeria (NAN) correspondent found.

This is against the new official exchange rate N168 announced on Tuesday by the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele.

The NAN correspondent, who checked near the Sheraton Hotel, Zone 4, Abuja, the rendezvous for most black market operators, found that the closest naira exchange to the official exchange rate was N182.

ICAN Constructs 250-Capacity Lecture Theatre In Kano North-West University

The Institute of Chartered Accountants of Nigeria, ICAN, has laid foundation for the construction of a lecture theatre with a capacity for 250 at the permanent site of the North West University, Kano, a newly established state-owned university.

In his address at the construction site in Kabuga/BUK road, yesterday, the president of the institute, Mr. Chidi Ajaegbu said ICAN was partnering the university in accountancy education more than any other existing universities in the country.

Eastern railway line to commence operation soon -- Tukur

The Chairman of the Nigerian Railway Corporation, Alhaji Bamanga Tukur, has said that train services in the Eastern Railway District will commence before the end of the year.

Tukur made the announcement in Enugu on Monday while inspecting ongoing projects on the Port Harcourt-Enugu railway.

The board chairman expressed satisfaction with the work so far done, hoping that train services might commence before the end of the year.

“I believe with what I saw on ground, train services may commence before the end of this year so that Nigerians will begin to enjoy what we used to have before now.

“Our railway has come alive again; the Bridge No.15 which nature brought down has been rehabilitated.

ICAN : APPOINTMENT OF UHY MAAJI & CO AS JOINT AUDITORS WITH PWC FOR THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA

As part of its strategies to enhance the technical capacity of small and medium-sized practices (SMPs) and by extension, the quality of financial reporting in the country, the Council of the Institute through its 50TH and Golden Jubilee President  in a press release dated 28th Aug, 2014 addressed to its members expressed that the Institute is championing the concept of joint auditors for corporate entities. 

Joint audit involves the appointment of a lead audit firm and a support audit firm by a client

BACKGROUND OF IFRS

Users of financial statements have always demanded transparency in financial reporting and disclosures. 

However, the willingness and need for better disclosure practices have intensified only in recent times. Globalization has helped Nigerian Companies raise funds from offshore capital markets. This has required Nigerian companies, desirous of raising funds, to follow the Generally Accepted Accounting Principles (GAAP) of the investing country. 

The different disclosure requirements for listing purposes have hindered the free flow of capital. This has also made comparison of financial statements across the globe impossible. An International body called International Organization of Securities Commissions (IOSCO), to harmonize diverse disclosure practices followed in different countries initiated a movement. The capital market regulators have now agreed to accept IFRS