. By Ayodele Abere
One indispensable significant instrument for stirring the much needed sustainable economic transformation, stability and true national rebirth remains a well structured, reformed, stable and efficient financial system.
This was made known by Professor John Adebayo Oloyede during the 72nd Inaugural lecture of Ekiti State University, which took place at the Main Auditorium of the Institution, Ado-Ekiti, the State capital with the title ‘Financial Sector Reforms and the Challenge of Exchange Rate Stability: Dynamics and Paradox of the Nigerian Economy “.
The inaugural lecturer saluted President Bola Ahmed Tinubu who he said has taken a right step in the right direction by saying that the official exchange rate should be collapsed and have a unified exchange rate operating in the system. Cancelling the discrepancy in exchange rate will help in a way to sanitise the economy. Said the Professor.
Following this, the Professor of Finance suggested some recommendations which according to the erudite scholar could be of tremendous benefits for promoting exchange rate stability and general economic stabilization in Nigeria.
Oloyede saiy that, the Nigerian financial sector should be urgently refocused for exchange rate stability and sustainable economic development. He noted that while some of the present financial reforms measures, especially in relation to the foreign exchange market are fairly commendable, many aspects of the existing ones still need to be reviewed, remodeled and implemented in an orderly and sustainable manner.
Stressing further, the renowned Professor said that the informal financial sector should also be properly developed and managed with appropriate policy reforms put in place for it to continue to play the prominent role in harnessing the much needed rural finance for sustainable development in Nigeria. Adding that the monetary sector should also be reviewed to provide enabling policy environment for exchange rate stability.
The Vice Chancellor of the university, Professor Edward Olanipekun in his remarks commended the wife of the Governor of Ekiti State, Dr. Olayemi Oyebanji who was in attendance for her tremendous support for the institution and he used the occasion to solicit more support for the administration of, His Excellency, Mr. Biodun Oyebanji.
The VC congratulated the inaugural lecturer as he said the lecture couldn’t have been delivered any other day but now that the President of Nigeria, Asiwaju Tinubu seeks for unified exchange rate.
In attendance were Academicians, students, colleagues, family, friends and many well wishers.
