Comrade Olaseni Adewumi, a Socialist and Risk manager has warned against the liberalization of the foreign exchange market, stressing that it would make the exchange market to be more volatile.
Adewumi made this known when speaking on the topic, ‘Liberalizing the Exchange Market’ during an online conversation organized by Political War Room (PWR) Leadership forum, as part of its Good Governance Series.
Speaking against the topic of discourse, Adewumi explained that there are numerous parameters that have made the foreign exchange market to be unstable, and if not addressed, would further affect the economy.
He mentioned that “the political climate is unstable, and it has become difficult for investors to come into the country to make investment.
“When the country is unstable, no investor will bring their money,” he added.
Adewumi thereafter recommended that there is a need to generate forex locally, as part of efforts to meet the increasing demands for foreign exchange.
On the other hand, Seun Bisuga, a media professional, believed that the foreign exchange market must be liberalized to provide an opportunity for more inflow.
He also added that the liberalization would help to shut down different loopholes that are currently affecting the forex market.
Hon. Toyin Akomolede, the convener of the PWR commended the debaters for sharing their insights on the topic and noted that the Good Governance Series would continue to discuss interesting issues about the polity.
The session which was moderated by Tunji Suleiman and Blessing Oladunjoye had in attendance, members of the Political War Room.