The Institute of Chartered Accountants of Nigeria, (ICAN), has explained why there is controversy surrounding the Central Bank of Nigeria’s (CBN) new naira note redesigning policy in the country....CONTINUE READING
The body says that the policy ignited controversies because the apex bank management fail to consult critical stakeholders before implementation…..CONTINUE READING
The ICAN President, Mallam Tijjani Isa, disclosed this to newsmen on Wednesday, at the Institute Eastern Zonal Accountants’ Conference 2023 held at the International Convention Centre (ICC). Awka, Anambra State Capital.
The conference is themed: “Revenue Beyond Oil: Leveraging Non-Oil Export for Nigeria’s Economic Survival” with subthemes “Global Skills and Service Export: The Road Map to Export-Led Economy”, “Quality of Agro-Export Products: A Pathway to Unlocking Nigeria’s Non-Oil Export Revenue” and “Boosting SMEs Growth for Non-Oil Export Through Instrumentality of Fiscal and Monetary Policies.”
Isa noted that the controversies that have degenerated into the present situation of scarcity of the naira, would not have come up if there was a proper feasibility study and stakeholder engagement.
According to him, it is also wrong for the CBN to introduce the policy at the same time and year when the country is holding its 2023 general elections and the National Population Census (NPC) respectively.
The ICAN boss said, “In the Political Perspective, in the same year, you are holding a general election, National Population Census, you are also redesigning the new naira note policy, it looks political.
“On the Social-Economic Perspective, what are the intended benefits of the citizens? What is the buying of the critical stakeholders on the matter? How much is the cost of printing the new notes? And the implications of combining three major assignments of National importance together. These are the issues the CBN and Government in power would have dialogue with first before implementation.
“For you to bring in what I called radical or revolutionary policy like the embattled currency policy, you need to identify all the critical stakeholders, the Government itself, Commercial Banks Management, ICAN, Academians, Legal Professionals Civil Society Organisations, the Media, Traders, Farmers Youth Organisations and Community Leaders in a roundtable discussion to look at the acceptability or practicability of the policy and if the stakeholders say yes, then you proceed and if they say no, is not practicable, you put it aside because the policy is for all Nigerians irrespective of status.
“ICAN has issued its position statement to that effect… And I can tell you that this ill-timed policy has affected millions of Nigerians, mostly, the rural dwellers that are not internet compliance to understand the dynamics of the cashless economy of the day,
He said due to the currency redesign, money in circulation had become scarce making daily transactions tasking and unbearable.
“The situation has now thrown millions of Nigerians into confusion due to different sources of information from designated authorities,” Mallam Isa added.
