ppogba:


It's not the CBN that releases the results. It is the banks that releases them ONLY after approval by the CBN.

The results are due already as they are close to the mandatory 90 days permissible after the YE.

We are almost in the middle of march and this is when the FUGAZ normally release their own.

CBN is just re-emphasizing.

BarrElChapo:


You sound smart writing rubbish 😂

sterlingD:


The banks sit on the financial year end result and forward to CBN for scrutiny before It is being released.Let me give a live example right now UBA has sat on their results and forwarded it to CBN since last month so also ACCESS and others.

benuejosh:
say your own that you know Adamu.

ppogba:


This is the type of topic that show the level of ignorance on this platform.

ppogba:


What do you mean by sit on?

Do you know how long it takes the CBN to do it's review before approval?

The UBA and Access you gave as examples, do you know how long it takes for them to gather the items needed for the YE results together?

YE results of MFBs sef no be moi moi mich less the big banks Oga. Take that for free. And you are not talking to a novice by the way.

sterlingD:


I am suspecting that CBN is about to release the submitted Audited Financial Statements 2023 results for all the bank and so they are re-emphasizing it.

Paulruth:
Make all the tribalistic Agbados die. I can't wait 😀🤣

BarrElChapo:


You sound smart writing rubbish 😂

Validated:
Is CBN confused?

CBN should also tell us if such revaluation can be reported as profits (extraordinary gains).

Would CBN be prevailing on FIRS to exempt those profits from Companies Income Tax?

Would CBN have asked the banks to create a revaluation loss account if the reverse was the case or would they have been asked to write-off such losses?.

Validated:
Is CBN confused?

CBN should also tell us if such revaluation can be reported as profits (extraordinary gains).

Would CBN be prevailing on FIRS to exempt those profits from Companies Income Tax?

Would CBN have asked the banks to create a revaluation loss account if the reverse was the case or would they have been asked to write-off such losses?

fawaz050:


Your last question is what CBN is trying to resolve. It's saying

1. Reclassify your foreign exchange gains during the year as part of other reserves.

2. In a year where you make loss on foreign exchange movements (rare for banks), reclassify it back to P or L to write down or [if possible] write off the foreign exchange loss.

This scenario is more like the revaluation method under IAS 16.

It's a good in my opinion. It will partially discourage banks from excessively hoarding USD to drive up rates, thereby resulting in exorbitant gains for them.

benuejosh:
Very good.

I think our monetary body is getting it right gradually. Allow the FX market to be stable. What gains have you made in Naira, let the Naira pick up by creating the demand for it.

Banks post huge financial gains yet low economic activity to help boost our local economy. The gains comes majorly from FX gains. Since you made the gains from FX, allow it to be there and don't touch it let us see what the Naira side is for you. Let the FX market stay untouched and if you can't use the naira to pay then push for activities that will yield more naira for you. Give loans to customer in Naira to carry out businesses and bring profit for you and themselves. Let that demand for Naira be there.

teejoyz:
I don't know what IFRS that banks are using but according to the standard, revaluation gain can only be recognized in the comprehensive income which will form part of equity. So it can never be used as dividend.
U can only recognize revaluation loss in the income statement.

Validated:
Is CBN confused?

CBN should also tell us if such revaluation can be reported as profits (extraordinary gains).

Would CBN be prevailing on FIRS to exempt those profits from Companies Income Tax?

Would CBN have asked the banks to create a revaluation loss account if the reverse was the case or would they have been asked to write-off such losses?

Alaigbo:
You will wait till eternity for that. Now imagine while you wait to see tribalistic agbado die instead they are flourishing while tribalistic obidient mother's are selling your first sons to eat across the globe, just few days ago obidient father deat one of his son to death because of leftover. Many obidient will perish like infested wretched cursed pigs from the pits of hell before a single agbado will die. MUMU in capital 😂🤣. Everyone is Obidient to you idiots. I supported Atiku in the last election but as usual you agbado slaves can't even dare to mention your Master's names 😀

Alaigbo:
You will wait till eternity for that. Now imagine while you wait to see tribalistic agbado die instead they are flourishing while tribalistic obidient mother's are selling your first sons to eat across the globe, just few days ago obidient father deat one of his son to death because of leftover. Many obidient will perish like infested wretched cursed pigs from the pits of hell before a single agbado will die.

ppogba:


What do you mean by sit on?

Do you know how long it takes the CBN to do it's review before approval?

The UBA and Access you gave as examples, do you know how long it takes for them to gather the items needed for the YE results together?

YE results of MFBs sef no be moi moi mich less the big banks Oga. Take that for free. And you are not talking to a novice by the way.

sterlingD: