Precious Oham
A University Don, Prof. John Adebayo Oloyede has backed the unified exchange rate policy introduced by the administration of President Bola Tinubu aimed at stabilising the economy.
Prof. Oloyede said this on Thursday while delivering the 72nd Inaugural Lecture of Ekiti State University, Ado-Ekiti with the theme: “Financial Sector Reforms and the Challenge of Exchange Rate Stability: Dynamics and Paradox of the Nigerian Economy.”
He noted that the present arrangement have not produced desired exchange rate stability adding that the discrepancy between the official and parallel market rate should be discarded.
Prof. Oloyede went further to recommend sustainable mechanisms for good governance, transparency and accountability for public office holders and appropriate sanctions for defaulters aimed at promoting emergence of National Economic Rebirth.
“We made so many recommendations and one of them is the official exchange rate and parallel exchange rate should be collapsed. The discrepancies should be removed and we should have a unified exhange rate operating in the system.
“Thank God this present regime led by President Bola Tinubu for taking the right step in the right direction by cancelling these discrepancies. That will help in a way sanitize the economy and ensure that distortion and all forms are removed and the economy is restored.
“One indispensable instrument for sustainable economic transformation, stability and true national rebirth remains a well-structured, reformed and efficient financial system, by taking cognizance of the dynamics and paradoxical issues reviewed in this lecture.
“The government should promote stable policy environment by adopting highly disciplined economic policy that avoids large unpredictable swings in the size of the budget.”
The event attracted dignitaries including the Wife of Ekiti State Governor, Dr. Olayemi Oyebanji, the Vice-Chancellor of EKSU, Prof. Edward Olanipekun, governing council of the institution, traditional rulers, students and well-wishers.