2012-01-17 | FPR/DIR/CIR/GEN/01/022

Circular to Other Financial Institutions - Primary Mortgage Institutions, Microfinance Banks and Finance Companies

The Central Bank of Nigeria (CBN) has issued a circular requiring Other Financial Institutions (OFIs), including primary mortgage institutions, microfinance banks, and finance companies, to adopt December 31st as their uniform accounting year-end beginning in December 2012. During the transition period, OFIs can maintain an accounting period of up to eighteen months or a minimum of six months, consistent with standard accounting practice. Accounts for any partial periods should be submitted to CBN for approval within four months after the respective year-end.

Nigeria

Central Bank of Nigeria

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