Nigerians are getting excited after listening to the inaugural speech of President Bola Ahmed Tinubu at the Eagle Square on May 29.
He had told them about unifying the exchange rate. This is one of the many things that the government has not been able to achieve in so many years.Â
The proclamation by Tinubu is whipping up different views on the matter.
A public affairs analyst, Ambrose Omordion, expressed hopes that this administration had something that will drive the economy and boost the capital market.
Omordion is the Chief Research Officer at InvestData Consulting Limited, he has experience in equity market, pensions, portfolio management and investment analysis.
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He made the statement while appearing on iBrand Tv’s DayBreak show.
The President Has Good Economic Plans
“From the president’s statement, we can deduce that he is focusing on the economy because the economy will drive government, funds, revenue, policy, and other activities.”
Omordion, noted that this was a new dispensation, a new beginning, and a new strategy for investors in the market.
According to him: “We need the government to be in order so that the policy of the government will make meaning in the system”.
While delivering his speech after inauguration, the president gave an idea of his policy for the market, which is to unifying of the exchange rate.
From the speech we could see that the administration of President Tinubu has short, medium, and long-term goals.
However, Mr Omordion advised market players to find out what can be achieved on a short term by this administration and run with that.
Omordion, believes that “we can achieve the unifying of the exchange rate and also deal with the increasing interest rate on a short term”.
Capital Market Set To Come Alive Again
He, however, noted that before the exchange rate could be unified, there is need for the government to look inwards.
According to him, it is important that the government looks at its foreign reserves and take stock of what it has before implementing such policies.
On the low-interest rate, he explained that this would favour the market any day, any time, and also favour the economy.
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Furthermore, he said that the unified exchange rate policy was a good news for capital market investors.
“It means that if the economy is doing well the capital market is doing well.”
If this is achieved by the government this time, local and foreign investors will be able to get monies easily and also reinvest that in no time with this system.
Also, they can now adequately plan their investments.
