ICAN To FG: Poor Forex Management Hurting Investor Confidence

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The top hierarchy of the Institute of Chartered Accountants of Nigeria (ICAN) has impressed on the federal government the need to develop appropriate foreign exchange management framework that would increase foreign investors’ confidence.

The accounting body made this appeal at the weekend at the end of the three-day 15th Western Zonal Accountants’ Conference of the institute held at the RCCG Youth centre, in Mowe, Ogun state.

In the seven paragraphs communiqué signed on behalf of the body by the duo of Biodun Adedeji and Samuel Alabi, ICAN stated that the federal government quest for foreign direct investment would gain more traction if the right policy framework for foreign exchange management was put in place.

Specifically, the body said it was heartening to note that the Central Bank of Nigeria (CBN) new policy regime of ¦ 5 to $1 incentive will increase inflow of remittances into the economy and should be sustained.

It would be recalled that in an effort to sustain as well as encourage increase in inflows of diaspora remittances into the country, the apex bank had announced the introduction of the ‘CBN Naira 4 Dollar Scheme’, as an incentive for senders and recipients of International Money Transfers.

Accordingly, all recipients of diaspora remittances through CBN licensed IMTOs shall henceforth be paid N5 for every USD1 received as remittance inflow. The scheme took effect from Monday 8 March 2021 and ends on Saturday 08 May 2021.

Besides, ICAN also urged the government to increase national digital infrastructure in order to support digital services needed by professional accountants to perform their roles in the new normal.

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The government, the body stressed, should ensure that high prices of food items which are largely responsible for high inflation rates be brought down through support for agricultural value chain.

While making a case for public finance management hierarchy and civil servants, ICAN said they must be trained in accordance with the hierarchy by developing appropriate capacity building just as it insisted that government should encourage their officials to release adequate and timely public information which form the basis of Accountability Index rating.

ICAN also urged the government to develop appropriate regulatory framework that would make accountants in the public service to register with FRCN or similar body in order to protect the integrity of financial reporting just as it advised the government to partner ICAN and other relevant professional bodies and private sector towards periodic review of CAMA.

The theme of the conference, tagged: ‘Disruptive Economy: Implications for the Accounting Profession,’ drew participants from the organised private sector, public sector and faith-based oraganisation.

– The Nation

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