ICAN calls for calm, understanding over Naira redesign

The Institute of Chartered Accountants of Nigeria (ICAN) has called for calm, understanding, and resilience of Nigerians in reaction to the unintended consequences of the Naira redesign.

ICAN President, Malam Tijjani Isa, via a statement on Thursday in Lagos, said the institute shared the pains of Nigerians whose lives and livelihood were disrupted due to the paucity of new notes.

Isa said that the glaring effects of the policy on businesses and other financial transactions had further been compounded by the challenges in fuel supply across the nation.

He, however, explained that new policies sometimes had unintended consequences; and said that the present circumstance should not be perceived as a premeditated attempt to inflict undue pains on the masses.

“As the Central Bank of Nigeria (CBN) and other key stakeholders continue to make commendable efforts to address the present challenges, we urge the apex Bank to continuously reassess its strategies and expedite actions towards making the new currency notes readily available to the public.

“In the meantime, we passionately appeal to the public to consider the present situation a passing phase in our journey towards national prosperity.

“We urge for calm, understanding, and the resilience that have characterized us as a people.

“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 said.

The ICAN President acknowledged the recent interim injunction of the supreme court restraining government and the CBN from enforcing the Feb. 10 deadline for withdrawal of old Naira notes.

He tasked 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).

He said the development would also stabilise the alternative financial payment solutions and expand public awareness on the indisputable benefits of a cashless economy.

“ICAN believes that these actions will gradually restore public trust in our presently challenged financial system and calm all frayed nerves,” he said.

Isa encouraged deposit money banks, telecommunication and fintech companies to ramp up investments in their systems and processes towards improving the quality of their services within the shortest possible time.

He said the urge was pertinent because the current cash-in-hand challenge revealed the weaknesses in alternative financial payment solutions.