The President, Institute of Chartered Accountants of Nigeria, Mallam Tijani Isa, has advised the Central Bank of Nigeria to find a lasting solution to the economic challenges occasioned by its recent monetary policy of the currency redesign.
This came several weeks after the CBN Governor, Godwin Emefiele, following a presidential approval, announced the bank’s plan to redesign the local currency.
Isa spoke on ICAN’s position on the naira redesign at a programme commemorating the Accounting International Day 2022
Marked by a health walk in Lagos and other parts of the federation, the Accounting International Day is observed globally on November 10 every year.
The president, who paid glowing tributes to accountants, further stated, “At the country level, several socio-economic imbalances are biting hard on citizens. Inflation at the end of the third quarter 2022 was 20.77 percent, the highest in seventeen years. This is amidst declining purchasing power of citizens. To successfully address the problems of inflation, Nigeria must adopt both short and long-term.”