Economy
Most Businesses Not Ready for Future Accountancy Skills—Report
The Association of Chartered Certified Accountants (ACCA) has launched a campaign supported by one of the largest ever global studies across the profession on the skills accountants need as they head into the next decade.
ACCA’s body of research shows there are diverse emerging issues where technical and communication skills will be vital by 2020–25. What topped the list of competencies expected to be most important over the next decade is the ability to communicate a more holistic view of corporate reporting.
Head of ACCA Nigeria, Mr Thomas Isibor, said, “New hardware, software, economic threats, services and regulations are all arriving at a breakneck speed and all of these changes will have a significant impact on commerce.”
He added that, “For FDs and CFOs, the trick is identifying what changes will have the most impact on business and how can best to prepare to meet—and take advantage of—these challenges now.”
According to the ACCA Business Forms report, business activities are an essential part of every society. Their success, especially when first starting up, depends on many social and economic variables, but one of the most important things is what legal form the business adopts. Sympathetic and pragmatic advice from experienced experts in the field can make a real difference to the success of the venture.
Previous ACCA research has shown that the value ascribed to an accountant’s advice to a small business comes not simply from the professional qualification but also from the client’s perception of the adviser as a peer, who has faced the same challenges and decisions in establishing their own business (Spence et al. 2012).
ACCA’s report also noted that, “A detailed familiarity with local tax and capital movement laws and business practices will also be needed to work across (and with others in) multiple geographies.”
Speaking on how to attract and retain these skills, Mr Isibor said: ‘Identifying these critical skills is one thing. Creating a workspace that attracts, rewards and amplifies them is something else entirely. It’s here where we must confront the much vaunted, and often maligned, generation known as millennials. But there is good news for the profession.
‘Of the 19,000 16 to 36 year olds asked, 85% responded positively to the idea of a career in finance.’
The ACCA report clearly highlights that business success involves meeting, adapting and sometimes creating change. The pace of change has increased substantially over the past few years.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, disclosed that Nigeria’s external reserves had risen to $52.5 billion, enough to finance about nine months of imports.
He disclosed this on Tuesday at the end of the 306th meeting of the Monetary Policy Committee (MPC) held in Abuja, where the Monetary Policy Committee (MPC) retained the benchmark interest rate at 26.50 per cent as well as the standing facilities corridor at +50/-450 basis points around the MPR.
Similarly, the Cash Reserve Requirement (CRR) was maintained at 45 per cent for Deposit Money Banks, 16 per cent for Merchant Banks, and 75 per cent for non-Treasury Single Account (TSA) public sector deposits.
Speaking on FX developments, the central banker said at the $52 billion level, the country’s external reserves were significantly above the internationally recommended threshold of three months of import cover.
On the Naira exchange rate, Mr Cardoso said the foreign exchange market had deepened and was now operating on a transparent willing-buyer, willing-seller basis.
He said the apex bank remained committed to maintaining a liquid and functional foreign exchange market, adding that daily market turnover sometimes exceeded $1 billion.
According to him, the long-term stability of the naira would depend on key economic fundamentals, including increased oil exports, foreign direct investment, and improved domestic productivity to reduce dependence on imports.
He also added that the MPC welcomed the federal government’s renewed commitment to stronger policy coordination, particularly collaboration between fiscal and monetary authorities, which he said had helped reduce the impact of the Middle East crisis on the Nigerian economy.
Mr Cardoso said members of the committee also commended efforts to improve crude oil production and urged relevant agencies to intensify reforms in other sectors, including solid minerals, to boost government revenue.
On the regulatory forbearance granted to banks during the COVID-19 period, he reiterated that this had been discontinued because it had served its purpose.
According to him, the policy had “outlived its time” and was no longer necessary in assessing the health of the banking sector.
“Forbearance, we felt, had outlived its time. Many of you will recall this is something that came as a result of COVID. And now we are in 2026; we did not see the reason why that should continue to form part of the analysis of the banking system,” he said.
Mr Cardoso explained that banks had begun recalibrating their portfolios following the end of the policy, leading to a temporary reduction in outstanding risk assets.
He, however, assured that the development was part of a transition towards a stronger and more sustainable credit environment.
“It reflects a transition to a more sustainable and better quality credit environment, which is what we all want. We don’t want unanticipated shocks that come in a boom-and-bust fashion,” he said.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its recent positive run by 1.17 per cent on Tuesday, July 21, triggered by appreciation seen in four bellwethers.
Leading the pack was FrieslandCampina Wamco Nigeria Plc, which added N12.00 to its value to close at N153.15 per share compared with the previous day’s N141.15 per share. NASD Plc appreciated by N1.90 to N36.00 per unit from N34.10 per unit, Food Concepts Plc improved by 23 Kobo to N2.48 per share from N2.25 per share, and Afriland Properties Plc grew by a marginal 1 Kobo to N15.01 per unit from N15.00 per unit.
As a result, the market capitalisation of the bourse increased by N30.40 billion to N2.637 trillion from Monday’s N2.606 trillion, and the NASD Security Index (NSI) gained 50.70 points to finish at 4,393.97 points, in contrast to the 4,343.27 points it ended a day earlier.
The unlisted securities exchange recorded a price loser yesterday, and it was Geo-Fluids Plc, which shed 1 Kobo to settle at N2.30 per share versus N2.31 per share.
During the trading day, the volume of securities traded by market participants on Tuesday dropped 99.4 per cent to 322,147 units from the previous day’s 52.6 million units, the value of securities dipped by 89.8 per cent to N19.4 million from the preceding session’s N191.2 million, and the number of deals contracted by 3.6 per cent to 27 deals from 28 deals.
Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis, with 3.4 billion units traded for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units transacted for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 75.4 million units exchanged for N5.3 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units valued at N6.5 billion, and Resourcery Plc with 1.1 billion units sold for N415.7 million.
By Adedapo Adesanya
The Naira gained N4.80 or 0.35 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, July 21, to trade at N1,375.31/$1, in contrast to the previous day’s N1,380.11/$1.
Also, the local currency appreciated against the Pound Sterling in the official market yesterday by N16.22 to quote at N1,857.35/£1 versus Monday’s closing price of N1,854.42/£1, and improved against the Euro by N8.17 to settle at N1,567.78/€1 compared with the previous day’s rate of N1,575.95/€1.
In the same vein, the Nigerian currency strengthened against the US Dollar by N1 at the GTBank FX counter during the session to exchange at N1,388/$1 compared with the preceding day’s rate of N1,389/$1, and maintained stability in the parallel market at N1,405/$1.
Data from the Central Bank of Nigeria (CBN) showed that interbank FX turnover increased sharply by more than 21 per cent to $322.644 million from $266.227 million the previous day.
Interbank FX deal count also climbed to 110, from 66, as banks bid for international payments on behalf of their corporate clients increased.
Latest data from the CBN revealed external reserves topped $52 billion due to sustained FX inflows across multiple sources, including hydrocarbon sales receipts. Gross external reserves surged to $52.024 billion from $51.942 billion.
Also, the central bank retained the Monetary Policy Rate (MPR), the country’s benchmark interest rate, at 26.5 per cent as it seeks to sustain the gradual decline in inflation while shielding the economy from growing global uncertainties.
In the crypto market, benchmarked tokens fell after traders took profit, following rallies driven by a semiconductor boon which has driven crypto all month while the Japanese yen sank to its weakest level in four decades.
Bitcoin (BTC) came in flat at $65,885.77, but Cardano (ADA) slumped by 3.1 per cent to $0.1706, Solana (SOL) dropped 1.8 per cent to sell at $77.12, Binance Coin (BNB) lost 1.5 per cent to trade at $567.38, Dogecoin (DOGE) declined by 1.1 per cent to $0.0723, Ethereum (ETH) depreciated by 0.9 per cent to $1,916.21, and Ripple (XRP) dipped by 0.3 per cent to $1.13, while TRON (TRX) gained 0.7 per cent to close at $0.3286, with the US Dollar Tether (USDT) and the US Dollar Coin (USDC) flat at $1.00 each.
