2008-08-29 | TED-FEM-FPC-GEN-01-091-08

Circular to All Banks and Discount Houses on Cancellation of Common Accounting Year End

The Central Bank of Nigeria (CBN) initially decided to have a common accounting year end for all banks and discount houses, but later postponed this decision due to unhealthy trends in the industry. At the Monetary Policy Committee meeting on August 5th, 2008, it was decided that a common year end will no longer be required, allowing each bank and discount house to choose their own accounting year end. The earlier circular dated August 25th, 2006 is deemed erroneous.

Nigeria

Central Bank of Nigeria

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