New CBN template for financial reporting for banks released

The Central Bank of Nigeria (CBN) has released a new draft template for banks operating in Nigeria to do their financial reporting.

According to a circular released yesterday, the apex bank said the template is to ensure compliance with the Nigerian Sustainable Banking Principles and in view of the need to ensure uniformity in reporting banks’ implementation efforts towards the required compliance.

In September 2012, the regulatory body had issued a circular directing banks, discount houses and development finance institutions to implement the Nigeria Sustainable Banking Principles. The institutions were also informed that the Central Bank will subsequently issue reporting requirements to guide the reporting of their compliance with the Principles and Guidelines.

The Nigerian Sustainable Banking Principles (NSBP or The Principles) were approved by the Bankers’ Committee last year, after which the Central Bank issued a circular in September for its adoption.

According to the regulatory body, the adoption of these principles would enhance the adopting institutions financial success over the longer term while ensuring that they remain environmentally and socially responsible.