Economist calls for Liberalization of foreign exchange market

Liberalization of the foreign exchange market has been suggested as a measure to curb the issue of disparity in exchange rates and dollar shortages often experienced in the country.
Professor of Economics, Emmanuel Onwi-odu-okit who spoke with our correspondent Anthony Esin observed that, although it would be difficult to achieve a uniform exchange rate for the Naira, it would be more stable if the market was free for people to source autonomously for their exchange based on the principle of demand and supply.
While, however, describing the issue of multiple exchange rates as a global phenomenon, Professor Onwi-odu-okit maintained that if the forex market is deregulated it would help to curb excesses by some bureau de change operators.

According to him, ensuring more flexibility in the forex market will go a long way in reducing the complications in the process and further enhance access to the market by micro business operators

Professor Onwi-odu-okit while calling on operators in the forex market to desist from indulging in various sharp practices, said many of them have taken profit making as a priority without considering what should be the ideal rate thus resulting in the anomaly.

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