By: Sonaike Peter
The Nigeria Economic Society held a public discourse on February 22, at the Faculty of Economics’ large theater class at the University of Ibadan.
The event, which was facilitated by the President of NES, Professor Adeola Adenikinju, was attended by some dignitaries, students of the University of Ibadan, as well as students of the University of Ilorin.
The notable personalities that graced the occasion include the Vice-Chancellor of the University of Ibadan Professor Kayode Adebowale, represented by the Deputy Vice-Chancellor, Professor E.O Ayoola; the Governor of the Central Bank of Nigeria Dr. Cardoso Olayemi, represented by Professor Usman Oparajin; the special adviser to the President of Nigeria on Economic Affairs, Dr. Tope Fasua; and the guest lecturer, Professor Sam Olofin.
During the delivery of the lecture, Professor Olofin, the guest lecturer, opened the minds of the attendees to one of the factors responsible for the economic challenges and causes of inflation in the country, which is the inability of the government to tackle the dominance of the parallel market, which determines the market forces in demand and supply. He proceeded by stating that the CBN has the role of a visible hand to tackle the invisible hand of market forces.
In his words, ”The effect of the foreign exchange on the naira has always been determined by the parrallel market, which is overprotected. The naira has been depreciating over the last decades through market forces. The so-called big actors in the economy keep dominating without allowing the small actors to thrive. It is therefore important that the federal government reduces the effect of the parrellel market
Also, Dr. Tope Fasua, the special adviser to the president on economic affairs, stated while addressing the audience that the federal government has been making long-term policies that will see to the cushioning effect of inflation, urging them to continue to endure the herrondous state of the country with hope that there will be light at the end of tunnel
The event then proceeded into a question-and-answer session, after which there was a presentation of awards to the speakers on the occasion. Finally, the President of NES, Professor Adeolu, gave the vote of thanks to notable personalities and other attendees for gracing the occasion.
