The Central Bank of Nigeria has threatened to sack any chief executive officer and chairmen of any bank that fails to publish its financial statement within the regulatory period, Vanguard reports.
This was detailed in the Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for the 2016/2017 fiscal year released by the apex bank yesterday.
CBN stated in a strong worded statement that any bank failing to publish its financial statement within four months of their financial year is at risk of facing heavy sanctions as well as the sacking of its executives.
Nigeria also continues to face a tough economic climate with the Naira depreciating further to N281.5 to the dollar which was due to a resurgence of demand for dollars.
News24 Nigeria reported that President Muhammadu Buhari has criticised CBN’s flexible exchange policy saying that it is yet to reap rewards for Nigerians.
