First City

In our opinion, The CBN postponement by one year for banks to converge their year end may offer a respite both for the banking sector directly and also the capital market as the sector constitutes above 60% of the market capitalization of the Nigerian Stock Exchange.
While the banks may heave a sigh of relief, stakeholders, especially Nigeria’s foreign partners and investors may worry about the credibility of CBN or question the decision-making process of the industry regulator, as policy somersaults have been the bane of the country both in the past and in the present times.
It can be hoped that Nigerian banks will put on their thinking caps to utilize this window of time extension to ensure an orderly convergence without doing damage to the banking sector and the economy as a whole.  We also hope that regulatory authorities and managers of the Nigerian project will be more consultative and engaging with industry operators and stakeholders in making major policy decisions that impact on the economy.

InvestIQ

The CBN moved the deadline for the uniformity of year end for banks from December 2008 to December 2009.
Although moving it to December 2009 will have a positive impact on the market in the coming weeks, I don’t think it is right. Majority of the banks that have been selling their equity positions to raise cash, will now bring the funds back into the capital markets to push the stock prices up.
I believe the policy should be implemented this year. This will allow investors to determine which banks are truly fundamentally strong. By moving the deadline, CBN is encouraging the charade. It is the Nigerian investors that are being swindled. I started writing an article about this issue today, but on second thought, I decided to stop.

CSL Research & Strategy

The Central Bank of Nigeria (CBN) shifted the deadline for Banks to adopt a uniform accounting year end to December 2009 “in response to “irrational behavior” of some banks in their attempt to mobilize deposits”.
The direct impact of this announcement could at least ease the current strain in liquidity created in a bidding continuum following the banking industry’s battle for deposits. This could unravel a long sought key to unlock institutional funds
The key to market recovery in our view remains a total change in general mindset. We perceived that prevailing sentiment has been largely speculative and short-term, which has consistently denied the market the so desired rally and momentum. We can’t conclude without pointing out that this has, in a way, present opportunities for investors seeking long positions as some equities are currently trading in their oversold bands.

INVESTORS

You can see our regulator’s lack vision. How can I put my children inheritors money in NSE?
Anyway am waiting for January to sell all my shares in Nigeria. In my last phone link interview with the presenter of The Money Show Mr. Boason Omofaye, I explained to him why most investors in the diaspora, like me, are not very happy with our regulators because the make laws everyday and change it everyday too.
CBN knows that most Nigerian banks dress their balance sheet, as they have insinuated to such in the past. How can one then know which bank that is doing well or not. As far as am concern Nigerian Capital Market appears to lack CREDIBILITY. I am sorry. - Emeka

culled from proshareng.com