Naira Depreciation: CIMA Reduces Exam Fees

Due to the depreciation in the value of the Naira, the Chartered Institute of Management Accountants (CIMA) has announced reductions in its exam fees.

According to the Africa Regional Director, Samantha Louis, the reductions will range from 12.6 per cent to 19.6 per cent depending on the numbers of papers sat for. He also said the reduction is in response to feedback from students and other stakeholders in the wake of the weakened naira.

She said: “CIMA has historically operated a single global pricing strategy for all its members and students. But the current economies in Africa and exchange rate variations dictate that we relook our strategy in the plight to support our students’ progression.”

The new pricing format applies to all students in Africa and has a rank-approach, recognising the price sensitivity of this market and its prohibitive effect. In this format, exemption pricing remains the same – on a single global pricing structure.

Responding to the news, Head, CIMA Nigeria, Ijeoma Anadozie, said the new pricing system is in line with the vision of CIMA to help people and business succeed. She said it would also allow more Nigerians to become CIMA members and management accountants, which will in turn will help Nigerian businesses, as well as shore up their decision-making abilities.”