The presidential candidate of the Labour Party in the 2023 polls, Peter Obi, has criticized the government agencies for their ill-advised and misdirected reported crackdown on Bureaux De Change (BDCs) operators.
In a statement shared on X platform, the former governor of Anambra State expressed concern that such actions would exacerbate the country’s exchange rate situation rather than alleviate it. He emphasized that Bureaux De Change (BDCs) are not the main 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,” Obi said.
“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.”
He mentioned that BDC operators are prevalent in all economies, including those of the world’s most developed nations.
“To think that the BDCs are the cause of the declining value of the Naira is a smack on rational economic thinking,” he said.
“The only way to shore up the value of our currency is to move the country from consumption to production, especially export-led production, and fight corruption, which allows unproductive money to pursue the available supply 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.”
He stressed the importance of government officials having a proper understanding of how a modern economy operates and aligning their actions accordingly.
Obi made these comments four days following raids by the Economic and Financial Crimes Commission (EFCC) on illegal Bureau De Change (BDC) operators in various parts of the country on February 21, 2024.
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.
— Peter Obi (@PeterObi) February 25, 2024