Ajayi: The Liberalisation of Exchange Rate Has Improved Access to Dollars
Nume Ekeghe
The Chief Executive Officer of Rand Merchant Bank (RMB) Nigeria, Bayo Ajayi, has highlighted the opportunities presented by the government’s economic reforms, citing that policies such as the liberalization of the exchange rate have improved access to foreign exchange.
He made this statement at an exclusive Economic Forum organised by RMB Nigeria, where business leaders, policymakers, and financial experts gathered to address the complexities of Nigeria’s reform landscape.
The event, themed, “Beyond the Change: Steering Through Nigeria’s Reform Complexities,” provided a platform for critical discussions on macroeconomic trends, financial markets, taxation, digital finance, infrastructure, and risk management.
He said: “The liberalisation of the exchange rate has improved access to dollars, reduced interest rates reflecting market prices, and enabled investment opportunities for investors,” Ajayi stated. “Secondly, the tax reform, which aims to reduce rates from 30 per cent to 25 per cent, will encourage business growth and attract more foreign direct investment into the country, strengthening the macroeconomic landscape. As the current administration continues to drive economic reforms, we expect these policies to have a positive impact on the economy.”
A key discussion at the event focused on strategic business positioning amidst policy shifts, moderated by Samantha Singh-Jami, RMB Research for Africa. Panelists including Dr. Christian Ebeke, IMF Resident Representative for Nigeria; Mr. Kenneth Erikume, Partner at PwC; Mr. Deepak Bhojak, Group Treasurer at Tolaram Group; and Mr. Tilewa Adebajo, CEO of The CFG Advisory, explored how businesses can navigate policy changes while maintaining profitability.
Ebeke noted that the removal of fuel subsidies played a crucial role in stabilising Nigeria’s economy, stating that, “The impact of government reforms is very clear. It has resulted in improvements in the current account, a reduction in the debt ratio, increased Foreign Direct Investment, and greater financial stability compared to previous years.”
Chief Information Security Officer at RMB Nigeria, Mr. Ifeyemi Ifekoya examined the risks and opportunities associated with emerging technologies such as Artificial Intelligence and Blockchain Technology.
