ANAN President lauds FG for unifying exchange rate
By Ben Ngwakwe, Gombe
The President of Council, for Association of National Accountants of Nigeria, Dr James Ekereare Neminebor, has lauded Federal Government under the leadership of President Bola Tinubu, for unifying exchange rates into one single window.
Speaking at the Multipurpose Hall of Federal College of Education (Technical), Gombe, on Tuesday, the President/ Chairman of Council of ANAN, Neminebor commended the Federal Government for unify the exchange rates of the naira into one single window, describing it as laudable initiative as against the previous multiple exchange regime that has created room for rent- seeking and arbitrage in the country.
Neminebor added further that the previous policy distorted the exchange rate management system to the extent that access to the official and lower rate was to a great extent, not determined by empirical evidence and national priorities but rather filled with the bedrock of corruption and founded on patronage.
According to him, the major advantages of the new regime are that foreign exchange income to the government would now be monetised at the new unified rate which is far higher than the old Central Bank of Nigeria rate of about ₦435 to the dollar and will boost repatriation of export proceeds. Exporters will now earn more money and this will encourage exports which in turn will shore up the value of the naira with increased inflow of foreign currency “.
He advised the government that in increasing foreign exchange earnings, strategic steps should be taken to enhance investments in the vital areas of electric power, gas collection and processing, production of not less than 2.5 million barrels of crude oil daily and infrastructure including railways and tolled roads as well as ensuring transparency and accountability in the entire process.
He further explained that theme for 2023 MCPD programme is “Accounting Beyond Nigerian Borders”, was designed to explore the concept of accounting harmonisation via International Accounting Standards/ International Financial Reporting Standards and their widespread adoption.
Neminebor lamented that agriculture remained a pivotal sector in increasing exports while insecurity is critically reducing agricultural productivity.
The battle to restore the sector is that all hands should be on desk to be able to fought to a standstill security challenges so to increase productivity in the sector and make it a veritable mechanism in earning more foreign exchange.
The programme, he said, was aimed to broaden the knowledge of members on effects of IAS/ IFRS adoption and enhance understanding on the impact of accounting harmonisation through the IAS/ IFRS on the internationalisation process.
Consequently,this has become the driving force globally to develop international financial accounting standards as the International Federation of Accountants ( IFAC) among other activities have developed and harmonised the issues of international auditing standards which are accepted for financial reporting in international financial market.
He enjoined all stakeholders to tap the knowledge from the seasoned intellectuals and professionals who delivered various topics that are embedded in the theme of the 3rd Session of 2023 MCPD.
The idea was to acquire more knowledge and expertise in financial report preparation for international comparability, sustainability, profitability and cost management.
Meanwhile, the professional body was founded in 1979 and chartered by Act 1993 ( now CAP A 26 LFN 2004).
This year’s theme, “Accounting Beyond Borders”, had the Special Guest of Honour as the Governor of Gombe State, Alhaji Muhammadu Inuwa Yahaya, and the host was Dr.James Ekereare Neminebor, the President and Chairman of Council, Association of National Accountants of Nigeria, as well as the Emir of Gombe who is also the Chairman of Gombe State Council of Emirs and Chiefs, Alhaji Abubakar Shehu Abubakar III as the Royal Father of the day.
