• Friday, December 01, 2023
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ACTN tasks FG on convergence on exchange rate

ACTN tasks FG on convergence on exchange rate

The Association of Corporate Treasurers of Nigeria (ACTN), has urged the Federal Government to enact measures that would encourage the convergence of rates on the parallel market and Nigeria’s official window.

They advocate that Nigeria lessen her reliance on dollars and claim that the Naira’s floating was necessary for the convergence of rates, which they claim has not yet occurred.

Speaking at a press conference to announce the Treasury360 conference and exhibition, titled “Transforming corporate treasury: What lies ahead,” to be held in Lagos on November 16, 2023, Adeyinka Ogunnubi, President of the ACTN highlighted the necessity for the federal government to curtail or do away with the dollarisation of Nigeria’s economy.

He also said that the government’s policy positions must be consistent, praising Tinubu’s administration for taking the bold step of eliminating fuel subsidies and unifying the currency.

“We see that there are bold moves and steps in the right direction. The government needs to stay on the course of reforms as they have done and ensure that the things, they are doing to try to unlock liquidity is done quickly.

“We have to give the new Central Bank of Nigeria (CBN) some time because they are doing a lot, but I can only hope that a lot of these conversations result in liquidity sooner than later,” he added.

Read also: Exchange rate gap widens as naira falls to N1,060/$

In his remarks on the conference, he said that it is an important milestone in the field of corporate treasury, bringing together industry experts, thought leaders, and professionals to explore the future of treasury management in a quickly shifting financial landscape.

“Our theme, “Transforming Corporate Treasury: What Lies Ahead,” encapsulates the essence of our mission: to navigate the changing tides of treasury management, discover emerging trends, and unlock new opportunities.

“We are at a critical point in the global and the Nigerian economy where we need to start looking at what lies ahead not only in terms of volatility, financial crisis and rising prices but in terms of opportunities created by these challenges.

“Opportunities for treasury automation, in generative Al and critical data analysis to enhance the treasury function,” he said.

“We are delighted to share that our roster of speakers includes some of the most influential voices in the industry. Experts who have not only weathered the storms of change but have harnessed them to steer their organisations towards greater success,” he added.

He said that its exhibition hall will showcase the latest innovations, technologies, and solutions designed to elevate treasury operations to new heights.