Corporate treasurers urge FG to address forex scarcity

The Association of Corporate Treasurers of Nigeria has urged the Federal Government to address the scarcity of foreign exchange that has continued to plague the country’s economy.

The President of the association, Yinka Ogunnubi, stated this recently during his inauguration as ACTN’s new president.

Ogunnubi noted that most of the association’s challenges had often revolved around the scarcity of foreign exchange.

He said the issues around the multiplicity of foreign exchange were something that must be resolved.

Ogunnubi said, “For our members and, of course, you know we are a treasurer organisation, most of our challenges have to do with the forex situation because there is acute forex scarcity and our members are not able to access forex easily.

“So, we need the Federal Government to solve the policy problems, because that is where the solution is because if they address the policy problems, it will be easier for us to get trade financing, easier for us to pay our taxes and continue business.”

The outgoing President of the association, Victory Olumuyiwa, expressed satisfaction with the pedigree and experience of the new president.

He emphasised the need for continuity by reaching out to other corporate treasurers and increasing the membership to help become an integral part of the treasury workplace, especially as related to efficiency in the interaction with financial institutions and making the treasury function more seamless.