Treasurers Task FG On Convergence Of Exchange Rate Volatility

Worried over the continuous fall of the Naira against the dollar, the Association of Corporate Treasurers of Nigeria (ACTN) has called on the federal government to implement policies that would facilitate the convergence of Nigeria’s official window and parallel market rates.

According to them, the reason for the floating of the Naira was for the convergence of rates which they say is yet to happen, while also calling on the need for Nigeria to reduce her dependence on dollars.

Addressing a press briefing to herald it’s Treasury360 conference and exhibition scheduled to hold on November 16, 2023 in Lagos, tagged ‘Transforming corporate treasury: What lies ahead,’the president, ACTN, Mr. Adeyinka Ogunnubi, pointed out the urgent need for the federal government to reduce or eliminate completely the dollarisation of Nigeria’s economy.

He also added that, there has to be a certain level of synergy in the policy positions of the government, commending the Tinubu-led administration’s bold move to remove fuel subsidy and unifying the currency.

“We see that they 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.

However, speaking at the conference, he said it represents a significant milestone in the world of corporate treasury, bringing together industry experts, thought leaders, and professionals to discuss the future of treasury management in a rapidly evolving 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.

“You will agree with me that 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 include 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 noted that its exhibition hall will be teeming with the latest innovations, technologies, and solutions designed to elevate treasury operations to new heights.