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Raid On BDC Operators Wrongly Directed, Ill-advised – Peter Obi Slams Tinubu Govt




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Why Nigeria Needs Parliamentary System Of Govt – Peter Obi

The 2023 presidential candidate of the Labour Party (LP), Peter Obi, has outrightly condemned the raid on Bureau De Change (BDC) operators across major cities in the country.

Naija News recalls that in an effort to rescue the Naira from continued fluctuations against the US dollar, operatives of the Economic and Financial Crimes Commission (EFCC) raided BDC operators in Abuja, Ibadan, Kano and other states.

Reacting to the development in a post via his official X handle on Sunday, Obi said the raid on the BDC operators was wrongly directed and ill-advised.

The former Governor of Anambra State said the move by the Bola Tinubu’s government may worsen the country’s foreign exchange situation.

Obi stated that as long as Nigeria’s economy remains unproductive and corruption-fettered, the value of the country’s currency will continue to depreciate.

He wrote: “The recent reported attacks and disruption of the business activities of Bureaux de Change (BDC) operators in different urban centres 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 possessing unproductive excess cash, the value of our currency will continue to depreciate.

“It’s important, therefore, that government authorities properly understand the workings of a modern economy and channel their efforts accordingly.”

Ige Olugbenga is a fine-grained journalist. He loves the smell of a good lead and has a penchant for finding out something nobody else knows.