The Institute of Chartered Accountants Nigeria, ICAN, has called for the timely appointment of a new governor of the Central Bank of Nigeria as part of measures to sustain the gains of the recent economic reforms, especially the unification of the exchange rate.
Former CBN Governor, Godwin Emefiele, who was suspended from office on June 9 by President Bola Tinubu, has been in the custody of the Department of State Services, DSS since June 10.
While applauding the unification of the country’s exchange rate, ICAN in a statement signed by its President, Dr. Innocent Okwuosa, said the appointment of a CBN governor would provide certainty and stability, as well as boost investor confidence to inflow capital into the country.
“Timely appointment of a new CBN governor who will provide a credible long-term direction for this policy. This will provide certainty and stability, and boost investor confidence to inflow capital into the country. Effective and consistent implementation of the policy: this will ensure that no uncertainty is created by the mode of implementation and there is constant communication with key stakeholders such as businesses and investors amongst others,” it recommended.
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Other recommendations by the institute include the review of the prohibited list of goods to ensure demand is not segmented, amendment of certain tax laws that require taxes to be paid in foreign currency thereby creating artificial demand for foreign exchange; and benchmarking the Nigerian foreign exchange market with emerging international foreign exchange markets such as Malaysia, Mexico, South Africa, Brazil and Colombia.
