2009-06-19 | BSD/DIR/GEN/CIR/03/009

Circular to all Banks and Discount Houses on Common Accounting Year End

Following a Bankers' Committee meeting on March 21, 2009, a common accounting year-end of December 31 has been adopted for all Nigerian banks and discount houses effective from 2009. Banks and discount houses must align their subsidiaries' year-ends with this common date in accordance with S.334(5) of CAMA, 1990. The CBN should be informed of any deviations during the transition period, which allows a maximum of 18 months and a minimum of 6 months for an accounting year. This move was made to promote fair competition in the banking sector post-consolidation.

Nigeria

Central Bank of Nigeria

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