Naira Scarcity: ICAN tells Nigerians to be calm, understanding amid hardship
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 Tijjani Isa, via a statement on Thursday, said the institute shared the pains of Nigerians whose lives and livelihoods were disrupted due to the paucity of new notes.
Mr Isa said the challenges in fuel supply across the nation had further compounded the glaring effects of the policy on businesses and other financial transactions.
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 pain on the masses.
“As the Central Bank of Nigeria 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,” added the ICAN president.
Mr Isa further noted, “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 characterised us as a people.”
The ICAN president acknowledged the recent interim injunction of the supreme court restraining the government and the CBN from enforcing the February 10 deadline for the 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).
Mr Isa explained that the development would also stabilise the alternative financial payment solutions and expand public awareness of 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.
