Nigeria, Jan. 23 -- The Financial Reporting Council of Nigeria (FRC) has concluded that the country does not meet the criteria to be classified as a hyperinflationary economy, following a comprehensive review of economic indicators outlined in the International Accounting Standard (IAS) 29.

The announcement was made in a statement issued on Wednesday by the Council's Executive Secretary/CEO, Rabiu Olowo.

IAS 29, titled Financial Reporting in Hyperinflationary Economies, provides accounting guidelines for countries experiencing hyperinflation.

The standard evaluates five key indicators, including public preference for non-monetary assets, widespread pricing in foreign currencies, inflation-adjusted credit sales, interest rates and wages...