By Cyprian Ajah

The President of the Institute of Chartered Accountants of Nigeria (ICAN), Mr. Chidi Ajaegbu, has expressed concerns that Nigeria’s currency, the Naira, might be devalued further, possibly after the 2027 general elections. Ajaegbu made this assertion at a public lecture organized by Godfrey Okoye University, Enugu, stating that the government’s excessive borrowing could plunge the nation into more economic woes.

Ajaegbu, who is also the CEO of Heritage Capital Market Ltd, lamented that the country’s rapid underdevelopment, aging infrastructure, and rising population could lead to economic doldrums unless addressed. He advised against taking World Bank loans, saying it mortgages a people economically, and suggested that Nigeria should seek recourse to the stock market to make progress.

The ICAN President warned that the Naira has been relatively stable in recent times but might change after the 2027 elections, saying, “Few days after 2027, they might devalue the currency.” He called for strengthening the judiciary to ensure corruption does not jeopardize investment and urged accountability in the use of funds.

Other speakers at the event emphasized the importance of the capital market in stimulating economic growth, promoting transparency, and improving infrastructure development. They suggested increasing capital market literacy to enable people to invest wisely and benefit from the market.