Friday, 10 February 2023

ICAN tasks CBN to improve supply of new naira notes... Calls for people's understanding

ICAN tasks CBN to improve supply of new naira notes
... Calls for people's understanding
By: Bisi Akingbade

Nigerians have been urged to consider the present situation a passing phase in the nation's journey towards national prosperity, Urging for calm, understanding and the resilience that have characterized Nigerians as a people, the Institute of Chartered Accountants of Nigeria, ICAN, said that it shares the pains of all Nigerians whose lives and livelihood are being disrupted daily due to the paucity of new Naira notes arising from the recent Naira redesign policy of the Central Bank of Nigeria (CBN). 


President of ICAN, Mallam Tijjani Musa Isa, stated this in a press statement signed by himself this Friday.

The ICAN President regretted that unfortunately, the glaring effects of the policy on businesses and other financial transactions have further been compounded by the challenges in fuel supply across the nation.     

 "You will recall that ICAN, in pursuit of its public interest mandate, published its position paper on the Naira redesign policy in December 2022 and proffered some recommendations for its successful implementation. To that effect, we assure the public of ICAN’s steadfastness in engaging the government and other key stakeholders to promptly resolve the crisis", he stated.

According to him, new policies sometimes have unintended consequences; and so, the present circumstance should not be perceived as a premeditated attempt to inflict undue pains on the masses. 

He urged that as the CBN and other key stakeholders continue to make commendable efforts to address the present challenges, the apex Bank should continuously reassess its strategies and expedite actions towards making the new currency notes readily available to the public. 

He remarked that the current cash-in-hand challenge has revealed the weaknesses in the country's alternative financial payment solutions.

"Accordingly, we encourage the deposit money banks, telecommunication and fintech companies to ramp up investments in their systems and processes towards improving the quality of their services in the Nigerian economy in the shortest possible time.

"ICAN acknowledges the recent interim injunction of the Supreme Court restraining the Federal Government and the CBN from enforcing the deadline of 10 February 2023 for withdrawal of the old Naira notes. 

"We urge the CBN and other key stakeholders to see the injunction as an opportunity to rapidly improve the supply and distribution of the new Naira notes (alongside the old notes), stabilise the alternative financial payment solutions and expand public awareness on the indisputable benefits of a cashless economy," he stressed.

The ICAN boss stated that his institute believes that these actions will gradually restore public trust in the nation's presently challenged financial system and calm all frayed nerves.