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The BDCs are not the primary suppliers of forex, nor do they create demand – Obi Takes on Tinubu Govt

The presidential candidate of the Labour Party for 2023, Peter Obi, has denounced the recent raids by the EFCC on Bureau De Change operators throughout Nigeria. Obi criticized the decision as foolish in a message posted on his official X account. Obi claims that the raids, which are intended to stabilize the Naira vs the US dollar, would make the nation’s foreign exchange problems worse...READ THE FULL ORIGINAL ARTICLE HERE▶▶

He underlined that attempts to support the currency would be ineffective unless the underlying issues of economic inefficiency and corruption were addressed.

Peter Obi tweeted via his verified X account handle, 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.” CONTINUE FULL READING>>>>>

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Bunady

JOLOWO BUNALAYEFA PIUS is the Chief Executive Officer (CEO) for BUNADY NEWSLITE GLOBAL ENTERPRISE (Bunady.com). He started his Blogging/Journalism career at God's Own Wireless Company 2012. He's a graduate of Adekunle Ajasin University Akungba Akoko Ondo State, with a major in History And International Studies. You can contact him for press events, advertisement promotions on Email: contact.bunady@gmail.com

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