The CBN is also, closely collaborating with other stakeholders like the Nigerian Accounting Standard Board (NASB), Federal Ministry of Finance (FMF), NDIC, SEC, and NAICOM; PENCOM, Federal Inland Revenue Service (FIRS), and the Institute of Chartered Accountant of Nigeria (ICAN), among others, towards ensuring a seamless full adoption of IFRS in the Nigerian banking sector by 2012.
More importantly, monetary policy can not be formulated and implemented in isolation of government policies no matter how independent a central bank is whether of an advance or a developing country. This aspect is of utmost importance for developing countries that still have a relatively weak taxation regime, with lingering suspicion of fiscal dominance hovering most of the time.