ICAN Attributes Current Economic Crisis to Fluctuating Exchange Rate

The Institute of Chartered Accountants of Nigeria (ICAN) has blamed the current economic crisis on the fluctuating exchange rate of the naira in the foreign exchange market.

ICAN said the situation affecting the exchange rate of the naira has been building up for years.

The ICAN President, Dr. Innocent Okwosa, stated this during the foundation laying ceremony of the resource center and examination hall, entrepreneurship and training center, and district secretariat of the Ogbomoso and district society in Ogbomoso.

He listed the factors responsible for the worrisome state of the naira on the penchant of Nigerians for imported goods, which according to him, is piling pressure on the naira.

The ICAN president also listed the bloated workforce of government as another major factor, affecting the value of the naira in the foreign exchange market.

Another major factor, he said was the mass theft of crude oil which generates much of Nigeria’s foreign exchange in the Niger Delta Region.

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Also in her address, the Chairman, of Ogbomoso and District Society, Professor Olubunmi Florence Osemene said the projects are targeting empowering the youths educationally as well as promoting the various brands of ICAN not only in Ogbomoso but the entire state as a whole.

She said the young school leavers and undergraduate students who want to make a career in the accounting profession would have the opportunity to access the facilities.

Professor Osemene who is full of praise to all the traditional rulers, good-hearted people of Ogbomoso, and leadership of ICAN within and outside the shore of Ogbomoso said the achievement wouldn’t have been made possible if not for their support.

According to her, The preparation for this event started as a result of the first acre of land donated to our District Society by Oba Sunday Oyediran, Onpetu of Ijeruland.

We were contemplating how to raise funds to start the Resource Centre and Exam Hall when we received another parcel from Dr. Samuel Adegok.

Also, the Olugbon of Orile Igbon, Oba Francis Alao has one acre of land for the building of the Entrepreneurship and Training Centre.