Peter Obi, the former governor of Anambra State, believes that the recent crackdown on Bureaux De Change (BDCs) operators by government agencies is misguided and misdirected.
The Economic and Financial Crimes Commission (EFCC) conducted raids against illegal Bureau De Change (BDC) operators in various parts of the country on February 21, 2024.
In a post on X, Obi stated that this action will only make the country’s exchange rate situation worse and will not solve the issue.
As the presidential candidate of the Labour Party (LP) in the 2023 election, Obi emphasized that 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 present in all economies, including the most developed countries in the world.
“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.”
Obi emphasized the importance of government officials understanding how a modern economy works and aligning their efforts accordingly.
