Naira could be devalued after 2027 elections, ICAN boss warns

By Chinedu Adonu

President of the Institute of Chartered Accountants of Nigeria, ICAN, Chidi Ajaegbu, has expressed fears that the country’s currency, the naira mightiness beryllium devalued further, astir apt aft the 2027 wide elections.

Ajaegbu who is the 50th President of ICAN, made the assertion astatine the maiden variation of Colloquium/Public Lecture organised by the Department of Accounting and Finance, Godfrey Okoye University, with the theme: “Harnessing the Capital Market for Catalyzing Infrastructure Development & Economic Transformation successful Nigeria: Prospects, Challenges & Roadmaps,” said authorities had indulged successful excessive borrowing susceptible of plunging the federation into much economical woes.

He said that the authorities should brushed pedal successful the bid to get loans which are often hard to repay, pointing retired that during the Buhari administration, Nigeria borrowed recklessly.

“Excessive borrowing scares distant investors. Government has to beryllium cautious with taking loans. Buhari was reckless with taking loans,” helium said, lamenting that this mightiness further pb to devaluing the naira that has been comparatively unchangeable successful caller times.

As a effect of the imaginable economical downturn for Nigeria, Ajaegbu, who is besides the CEO of Heritage Capital Market Ltd, had this to say: “Few days aft 2027, they mightiness devalue the currency. Naira has been unchangeable successful the past 5 to six months but this mightiness alteration aft the predetermination successful 2027,” helium declared.

He lamented that determination is accelerated underdevelopment, ageing infrastructure, rising population, among others, pointing retired that unless these things are tackled, Nigeria could beryllium plunged into economical doldrums.

The ICAN besides lamented that America was tilting towards economical woes, though astatine the infinitesimal it seems each is well, pointing retired that America cannot spend Sovereign Wealth.

“America is technically bankrupt but cipher is saying it. They are consuming much than what they are producing,” helium said, adding that lone Norway and Saudi Arabia astatine the infinitesimal tin spend Sovereign Wealth for its citizens.

Ajaegbu counselled against taking World Bank loans, saying that it mortgages a radical economically due to the fact that erstwhile the loans are given, retired of it 40% volition spell to consultants which the slope would prescribe connected however to negociate the loan.

He truthful suggested that to marque headway, Nigeria has to question recourse to the banal market. “For america to marque advancement and rise funds from the banal market, we indispensable guarantee that radical are held accountable,” helium said and called for the strengthening of the judiciary to guarantee that corruption does not jeopardise investment.

Also speaking, the Vice Chancellor, GOUNI, Prof. Christian Anike, noted that the lecture was partially designed to springiness the students of the section applicable cognition of what is obtainable successful the larger society, different than mentation and urged the students and the lecturers alike to wage rapt attraction to the colloquium and the goodwill messages.

Chairman of the juncture and Speaker of Enugu State House of Assembly, Hon. Uche Ugwu, stressed the value of the superior marketplace which helium said helps successful increasing concern and improving infrastructure improvement successful immoderate fixed society.

The keynote speaker, Prof. Uche Uwaleke, who is the President of Capital Market Academics of Nigeria, CMAN, who spoke connected Zoom, suggested that literacy astir the superior marketplace should beryllium accrued truthful that radical tin put wisely and amended their economical well-being, but expressed the presumption that the colloquium would proffer solutions.

“The level of superior markets literacy successful Nigeria is precise debased and successful particular, the South East region. The deliberations that volition look from this colloquium volition spell a agelong mode successful boosting the superior marketplace consciousness successful the South East Region of Nigeria.

“I look guardant to a clip erstwhile a batch of radical from the South East volition enactment successful the superior market. Development is each astir semipermanent funds and the superior marketplace means semipermanent funds and the superior marketplace provides the means for semipermanent funds. So successful presumption of development, I expect to spot individuals, I expect to spot companies from the South East becoming portion of the superior market.

“As we each know, radical from the portion are each hard working, a...