This picture taken on January 29, 2016 in Lagos shows 1000 naira banknotes, Nigeria's currency. - Nigeria's central bank governor, Godwin Emefiele, on January 26 dismissed calls to devalue the naira in his monetary policy committee statement. Instead he chose to continue propping up the currency at 197-199 naira to the dollar and maintain foreign-exchange restrictions. As a result, the naira on the black market is hovering around a record low of 305, fuelling complaints from domestic and foreign businesses who can't access dollars required for imports. (Photo by PIUS UTOMI EKPEI / AFP) (Photo by PIUS UTOMI EKPEI/AFP via Getty Images)
By Habibat Aliu
The Association of Corporate Treasurers of Nigeria (ACTN) has predicted that due to the challenging year under review, Nigeria will likely experience currency volatility, higher inflation, supply chain disruptions, and slower economic growth in 2023.
The president and Chairman of Council, Association of Corporate Treasurers of Nigeria (ACTN), Mrs. Victory Olumuyiwa, at a press briefing on the Association’s Treasury 360 Nigeria conference and exhibition themed “Getting through the uncertainties of supply chain disruption, currency volatility, and inflation” scheduled to hold on the 17th of November, 2022, also predicted regulatory changes as the country prepares for the new normal.
She however stated that the importance of the planned conference underscores the important role of corporate treasurers to overcome these challenges and accelerate the pace of change in 2023 and beyond.
“If 2021 was a challenging year for treasurers, requiring adaptability and resilience, YE2022 and 2023 will put treasurers to the test on multiple fronts, including currency volatility, rising inflation, supply chain disruptions, slower economic growth, and regulatory changes, all while preparing for the new normal,” she added.
According to her, the Treasury360 conference and exhibition is a platform inspired by the corporate treasury practitioners’ commitment to making positive and impactful contributions to the global relevance of the Nigerian business economy.
She pointed out that the conference is the first in a series of strategic engagements to inform, educate, highlight, partner, and deliver on what will become the foundation for growing the relevance of Nigerian business economies with a focus on its global relevance.
She urged the federal and state governments, as well as government Ministries, Departments, and Agencies, to increase consultation and collaboration with reputable associations in various sectors of the economy, not only to stay current on global and local issues but also to reap the enormous benefits of public-private partnerships.
Also speaking, the immediate past president, of ACTN, Mr. Zeal Akaraiwe, said the Association has been around for about a decade de set out to ensure that within the corporate sector, the synergies within the treasury function of organizations can be pulled together, with the resources shared especially around knowledge and human resource.
“So that is what the association is set up for to make the treasury of the corporate sector to be more productive by sharing resources.
He lamented that the amount of cash in circulation outside the banking system is alarming, urging the apex bank to design measures to pull it in.
“Redesigning the currency is one of the most efficient ways to achieve that. So that is what they are doing and I think in terms of pulling money into the banking system, this is a good way to go about it.
“What many people are not aware of is that there is a decimal Law Act that says that if you are going to retain or redesign the currency, you must give at least three months’ notice and the central bank has complied with that law,” he said.
