"Latch Free" wait event in this database, to solve this wait event re-size these parameters using below query.
alter system set open_cursors=600 scope=spfile;
alter system set session_cached_cursors=250 scope=spfile;
alter system set cursor_sharing='FORCE' scope=spfile;
and increase the SGA and PGA accordingly .
We need to bounce DB for these parameters to implement.