The presidential candidate of the Labour Party in the 2023 polls, Peter Obi, has described the Clampdown on operator of Bureau De’Change government through security agencies as ill-advised and wrongly directed
Obi on his official X handle said the action will do no good to the country but would worsen the country’s exchange rate, stressing that BDCs are not the primary suppliers of forex.
“The recent reported attacks and disruption of the business activities of Bureaux de Change (BDCs) operators in different urban centers across the country by Government Agencies, are ill-advised and wrongly directed,
“Rather than solve the problem, the action will further escalate and worsen the exchange rate situation in the country.
“The BDCs are not the primary suppliers of forex nor do they create demand. They only provide a market to sellers and buyers of foreign currency.”
“As long as Nigeria remains an unproductive economy and corruption continues unfettered with people in possession of unproductive excess cash, the value of our currency will continue to depreciate.
“They are part and parcel of every economy and can be found even in the developed economies of the world. To think that the BDCs are the cause of the declining value of the Naira is a smack on rational economic thinking.
“It’s important therefore that government authorities properly understand the workings of a modern economy and channel their efforts accordingly”.