Epunchng - Most read newspaper in Nigeria Wednesday November 15 2017 - Page 29

WEDNESDAY, NOVEMBER 15, 2017 money CBN sells dollars at 305/dollar on spot market Oyetunji Abioye with agency report T he Central Bank of Nigeria on Tuesday sold dollars at N306 for the second time, after maintaining a level around 305/dollar on T at N306 on the spot market in September and had sold the currency as low as 306.65 in July. Dollar shortages had gripped the economy as crude sales, Nigeria’s mainstay, plunged at the start of an oil price rout in 2014. This triggered a recession last year and frustrated businesses, which had to find dollars on the black market as a result. To try to resolve the professional code of ethics, Zakari said, “I understand that the institute code and guide has been handed to you all. The code plays a unique role in supporting the accountancy profession in acting in the interest of the public as it addresses the breaches of law such as fraud, corruption, bribery, money laundering, tax evasion, financial product services, environmental protection and public health and safety. “The institute will not condone any professional misdemeanor on the part of any chartered accountant irrespective of how highly placed or lowly placed in the profession or society.” The guest speaker at the event, Dr. Catherine Okpareke, who was the 42nd President of ICAN, challenged the newly inducted members on the theme ‘Developing an indigenous African economy strategy- Nigeria as a case study.” ICAN inducts 1,519 new members he 53rd President of the Institute of Chartered Accountant of Nigeria, Mallam Isma’ila Zakari, has called on the 1,519 newly inducted members of the institute to be open to learning by enrolling for the Mandatory Continuing Professional Education programme of ICAN. Zakari made the call at the 60th induction ceremony held at ICAN Centre, Amuwo Odofin, Lagos recently. He said, “The skills acquired today risk losing their relevance far more quickly than in the past. For you to continue to be relevant in the scheme of things as professionals, it is imperative in my opinion that you actively participate in the institute’s Mandatory Continuing Professional Education. “ICAN is aware that as a chartered accountant, you would be engaged in various sectors of the economy and to keep professional accountants and members of ICAN abreast of current development in the business environment, the institute created specialist faculties to provide the technical support for members in the discharge of their duties.” While urging them to act professionally in line with the Investment conference E the official spot market for two months, traders said. The move was minor, to signal a change in foreign exchange policy, traders said, according to a Reuters report. The bank last sold dollars x perts a n d stakeholders in the Nigerian investment management industry will gather in Lagos next Tuesday to deliberate on how to adopt standards in the sector. The conference is said to be the first of its kind in a series of deliberations to entrench a market approach to the adoption of the standards, according to a statement by Kings Thrones Limited, an investment advisory firm, the organiser of the conference. According to a statement, stakeholders under the auspices of the Nigerian Country Sponsor comprising of the Fund Managers Association of Nigeria, Pensions Operators Association of Nigeria, and The CFA Society Nigeria are expected at the Nigerian Investment Performance Stakeholders Conference. Regulators in the capital market and pension industry will be attending the event. The conference will among other things, focus on the Global Investment Performance Standards. The GIPS are a set of global industry minimum requirements and recommendations for calculating and reporting investment performance. currency crisis, the CBN has set up at least different six exchange rates, after devaluing the currency for retail users in February and allowing foreign investors to trade the naira at market- 29 determined rates. The naira was quoted at around 360/dollar for investors, near the parallel market rate and at a level at which it has traded for more than a month.