_: The Institute of Chartered Accountants of Nigeria (ICAN) has applauded the unification of the country’s exchange rate.
The Institute said that it is expected that the action will generally lead to short-term pains that will yield long-term gains.
ICAN in a statement signed by Dr. Innocent Okwuosa, its 59th President provided some recommendations to ensure that the desired objective of the policy is achieved and there is growth in the Nigerian economy.
The Institute calls for timely appointment of a new CBN governor who will provide a credible long-term direction for the policy.
He said this will provide certainty and stability, and boost investor confidence to inflow capital into the country.
He stressed the need for effective and consistent implementation of the policy, stating that this will ensure that no uncertainty is created by the mode of implementation and that there is constant communication with key stakeholders such as businesses and investors amongst others.
The statement also recommended for a review of the prohibited list of goods to ensure demand is not segmented.