Former President of the Institute of Chartered Accountant of Nigeria (ICAN), LATEEF OWOYEMI has faulted the recent decision of the Central Bank to pay Nigerians 5 naira for every 1 dollar received from abroad.

OWOYEMI, while speaking with Super FM News, said the move will devalue the Naira and force importers to pay more naira for dollars when importing goods into the country. 

The former ICAN president stated that the move would have been acceptable had Nigeria been a major exporting country, adding that the policy would lead to inflation.