An Associate Professor of Economics at the University of Lagos, Dr Tunde Adeoye, has lauded the Federal Government for eliminating the multiple foreign exchange rates and introducing a unified exchange rate in the country.
He said in an Interview with the News Agency of Nigeria (NAN) on Friday in Ota, Ogun State, that the introduction of unified rate was a welcome development, as this would eliminate foreign exchange round tripping and unnecessary hoarding of forex.
According to him, “Nigerians are free to look for their forex anywhere they like whether from the banks or Bureau De Change, by this there will not be scarcity of forex again. There will be a single rate throughout the economy and determined by free market system which is the forces of demand and supply.”
He noted that this would also eliminate activities where some people take forex from official market and take them to the black market to sell and get commission.
He also lauded the federal government for removing barriers and distortion in the foreign exchange market, thus encouraging international trade and international exchanges.
Adeoye added that this would reduce the rate at which people engage in foreign remittances because the bulk of money the country is getting as foreign remittances, were in form of foreign direct investments, which would allow the economy to grow and thrive.
President Bola Tinubu, had on May 29, in his inauguration speech, said that he will eliminate Multiple Exchange Rates and replace it with a Unified Exchange Rate.