After the "Fitness Walk" commemorating International Accounting Day 2022, the 58th President of ICAN, Mallam Tijjani Isa, Tijani, said: "We acknowledge the CBN's objectives in its recent initiative to redesign the Naira, which are to discourage hoarding of banknotes by members of the public, address the worsening shortage of clean banknotes, and reduce the rising risk and ease of counterfeiting."
"While ICAN will soon release its position on this policy initiative, suffice it to say that the CBN should consider the views of the various stakeholders and ensure that critical issues such as the cost of designing and printing the new currency notes, the timing of the policy, and the policy's likely impact on inflation and exchange rates are satisfactorily addressed."
"The Nigerian naira has been under unprecedented pressure versus the United States dollar." Currently, the dollar-to-naira conversion rate on the black market fluctuates between N780 and N820 due to a generally limited supply via official channels. This has big effects on inflation, the supply of raw materials and services, and other parts of the economy.
"If we are to develop at the desired rate, we must find a permanent solution to the foreign exchange dilemma as a nation."
"As we commemorate this wonderful day, we know that the global economy is going through one of its most difficult periods in history. Developments such as the Russia-Ukraine war, climate change, rising consumer prices, GDP contractions, trade disputes, and political tensions, among others, have exacerbated the difficulties.
"At the national level, a number of socioeconomic disparities are severely impacting citizens." At the end of the third quarter of 2022, inflation reached 20.77 percent, the highest level in seventeen years. This occurs as citizens' purchasing power declines. Nigeria must employ both short-term and long-term solutions to inflation if it is to be successful in addressing the issue.
