By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: ICAN outlines aspects of concern in Naira redesign
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
EconomyNews

ICAN outlines aspects of concern in Naira redesign

Okay.ng
By Okay.ng
Published: November 14, 2022
Share
3 Min Read
SHARE

The Institute of Chartered Accountants of Nigeria (ICAN) has identified a number of issues the apex bank should address in light of the Central Bank of Nigeria’s (CBN) implementation of the Naira redesign, including the impact on inflation and exchange rates, the cost of designing and printing the new currency notes, and the timing of the policy.

The 58th President of ICAN, Mallam Tijjani Isa, made the following remarks following the “Fitness Walk” in observance of International Accounting Day 2022:

“We acknowledge the CBN’s objectives in its recent initiative to redesign the Naira, discourage public hoarding of bank notes, address the worsening shortage of clean banknotes, and reduce the increasing risk and ease of counterfeiting.

“While ICAN would soon release its position on this policy initiative, suffice it to say that the CBN should take into account the opinions of the various stakeholders and make sure that important issues are satisfactorily addressed, such as the cost of designing and printing the new currency notes, the timing of the policy, the policy’s likely impact on inflation and exchange rates.

- Advertisement -

There is no denying that the Naira has been under unheard-of pressure versus the US dollar.

Since there is now a dearth of supplies through legal channels, the rate of exchange between dollars and naira in the black market often ranges between N780 and N820. This has significant effects ony the price of goods and services, as well as other productive endeavors.

“As we commemorate this special day, we acknowledge that economies all across the world are going through one of the most difficult periods in recent memory.

The issues are made more difficult by events like the conflict between Russia and Ukraine, climate change, rising consumer prices, declining GDP, trade wars, and political tensions, among others.

- Advertisement -

“As a country, we must find a permanent solution to the forex crisis if we are to develop at the desired lane.

“Several socio-economic disparities are having a negative impact on citizens at the national level. The third quarter of 2022 saw the highest inflation rate in seventeen years, at 207 percent.

This is occurring as citizens’ purchasing power is declining. Nigeria must adopt both short- and long-term solutions if it is to successfully combat inflation.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:ICANNaira redesign
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByOkay.ng
Follow:
Okay.ng launched under OKN MEDIA PUBLISHING (RC Number: 2993580) in the year 2012 is an independent digital news platform with thousands of page views and unique visitors every month
Previous Article Five instances you will need to use MoMo to pay your bills
Next Article Burna Boy wins ‘Best African Act’ at MTV EMAS 2022

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Parallel Market Rates

Okay.ng Logo
USD
Buy₦1,555.00
Sell₦1,568.00
GBP
Buy₦1,770.00
Sell₦1,800.00
EUR
Buy₦2,140.00
Sell₦2,175.00

Updated: 6 hours ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

0.00
ShareShareShare

Rates are for informational purposes only.

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

INEC Releases New Guidelines on Election Result Reviews, Confirms 122 Applications for New Political Parties
News
NEPC Debunks Promotion Exam Allegations, Says Process Adheres to Civil Service Rules
News
9mobile Subscribers to Access MTN Network Under New Three-Year Deal
Telcos
Peter Rufai
Peter Rufai, Legendary Super Eagles Goalkeeper, Is Dead
Sport
David Mark, Atiku’s Coalition Efforts Not Reflective of PDP’s Official Stance, Party Clarifies
Politics
- Advertisement -
Ad imageAd image

You May Also Like

Peter Obi
Politics

Labour Party Demands Peter Obi’s Resignation Within 48 Hours

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
July 3, 2025
Politics

Seven Akwa Ibom House of Representatives Members Defect to APC

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
July 3, 2025
Business

Black Market Exchange Rate: Dollar to Naira – Today – 3rd July 2025

Okay.ng
Okay.ng
July 3, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?