CBN extends common year end to other financial institutions

The Central Bank of Nigeria, CBN, has directed microfinance banks (MFBs), primary mortgage institutions (PMIs) and finance companies (FCs) to adopt a uniformed accounting year end.
It will be recalled that banks adopted a common year end of December 31st in 2010. In a circular to other financial institutions, the CBN said that “In order to avoid regulatory arbitrage and provide level playing field for all operators, it has become necessary to adopt common accounting year end in the other financial institutions (OFIs) sub-sector. The circular, titled signed by the Director, Financial Policy &Regulatory Department, CBN, Mr. Chris Chukwu, said, “ the CBN circular BSD/DIR/GEN/CIR/VOL.2/004 of June 18, 2009, that requires all banks and discount houses in Nigeria to adopt 31st December as a uniform accounting year-end from 2009 shall henceforth be applicable to OFIs.