ICSAN: Widening Exchange Rate Affecting Business Plan

Omolabake Fasogbon 

The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), has expressed concern over uncertainty in foreign exchange rate, saying that it creates an indecisive environment for investors.

President of the ICSAN, Taiwo Owokalade while addressing the press during the institute’s quarterly presidential briefing stated that the widening exchange rate disparity is sending a bad signal to foreign business associates and rubbing off negatively on Nigeria’s external reserve, which has recorded huge decline lately. 

He argued that the instability in the exchange rate had made planning difficult for businesses, adding that employers are not finding it easy to import raw materials.

He stated that these developments have made Nigerian business environment tougher and less competitive, as  was further compounded by Nigeria’s huge import- dependency. 

According to him, the economy managers  and policy makers would need to multiply efforts in getting things right,  as well as embrace openess and transparency that will enable constructive criticism.

He said,  “Virtually every business in Nigeria cannot stand on its own as Nigeria imports most of its needs, this in effect means that we are not efficient, effective and not competitive as a nation. As it is, prices of goods and services have soared, yet as a governance person, we cannot be talking of pushing cost to consumers or to  reduce quality of production.

He said, ” We feel there is an urgent need to look into this issue as many of our members work for many of these companies across. This is why our last public lecture dealt with this issue extensively.