Nigerian Economic Society Hosts 2024 Public Lecture at the University of Ibadan

The Nigerian Economic Society demonstrated its ongoing commitment to providing intellectual leadership in economic management with the hosting of a public lecture focused on “Recent Developments in the Nigerian Foreign Exchange Market: Issues, Options, and the Way Forward.”

The event, which brought together a gathering of experts, aimed to contribute valuable insights to the ongoing discourse on the causes, impacts, and potential solutions to the current volatility in the foreign exchange market.

Professor Adeola Adenikinju, President of the Nigerian Economic Society, highlighted the significance of the lecture in adding the Society’s expertise to the national conversation. He emphasized the need to address the underlying causes of the exchange rate volatility, which impacts the prices of essential commodities.

Representing the Vice-Chancellor of the University of Ibadan, Professor Kayode O. Adebowale, Deputy Vice-Chancellor Administration, Professor Peter O. Olapegba, described the lecture as both “topical and timely,” given its far-reaching effects on consumer prices.

During the lecture, Professor Antonia Simbine, Director General of the Nigerian Institute of Social and Economic Research (NISER), stressed the importance of accountability and transparency in managing public resources. She emphasized that building confidence and credibility in government actions was essential for garnering public support and trust, especially during times of economic challenge.

Professor Sam Olofin, a renowned expert in macroeconomics, development economics, and econometrics, delivered the keynote address. He called for decisive action from the government to address the dominance of the parallel market in foreign exchange, stating that market forces alone would not resolve the situation.

The lecture also featured Dr. Usman Okpanachi of the Monetary Policy Department, representing the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso. Dr. Okpanachi highlighted the time lag involved in the impact of economic policies and assured the public of the CBN’s commitment to policy coordination and transparency in the foreign exchange market.

The event included a panel discussion with Mr. Bismarck Rewane and Dr. Tope Fasua, prominent public policy analysts in Nigeria. Members of the audience, both physical and virtual, were allowed to engage with the speakers through questions and contributions, making the lecture a truly interactive and enlightening experience.

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