Experts in the financial sector of the economy have advised the Federal Government to stop pegging the naira to a currency.
They also highlighted, among other things, mixed foreign exchange market regimes across sub-regional markets as a factor mitigating the successful implementation of the African Continental Free Trade Area (AfCTA) agreement in the country.
Speaking at the 6th session of the Association of National Accountants of Nigeria, ANAN, Mandatory Continuing Professional Development Programme (MCDP) in Lagos, Professor Jane Ande, said: “Part of the three ways to also agree to manage our exchange rate is our exporters should agree to accept payment in different currencies.
“We do not need to peg our naira to one or two foreign currencies. That should be discouraged. This can be done in Nigeria by using deutschmark, DC Royale, and all the rest. We can do that with immediate effect. And then goods and services too can be graded in the local currencies of the country we are dealing with.
“Must it be dollars? Must it be pounds? Must it be euro? If I am sending goods to them in Ghana let them accept Cedi. If you are selling good to me in Nigeria they should collect my naira. They cannot insist when it comes to the exchange rate of naira. I think we need to start insisting on some of these issues.”
On AfCTA, the President ANAN, Dr. James Neminebor said: “Of particular importance here is the mix of exchange rate regimes from one sub-regional market to another, which entails heterogeneous reactions to price, fiscal measures, productivity, and debt shocks, resulting in significant misalignments and substantial growth disparities among countries.”
He recommended: “In enabling intra-African trade, I recommend that critical steps should be taken by members of the accountancy profession to harmonize accounting standards, leverage use of new and emerging technologies, increase engagements with government on the financial impact of policies and regulations relating to intra-continental trade.”
According to the host/Chairman of Shomolu, Lagos branch, ANAN, Mr. Binuyo Adebayo, “Today’s MCPD session is meant to develop our members. It is aimed at enriching the knowledge of members on what is going on in the accounting world today.”
