The Presidential Candidate of the Labour Party in the 2023 general election, Mr. Peter Obi, has advised the federal government to stop the clampdown on operators of Bureaux de Change, saying they are not responsible for the free fall of the Naira.
He described as shadow chasing the clampdown, stressing that except government directs the economy to production away from the current consumption mode, the Naira will never regain its value, while we continue to run found in cycles.
He said not attacking the real symptoms of the failing economy by taking on the war against corruption head-on through examplary leadership and by redirecting our economy to productive activities that could be exported, we will continue to wallow in the current problems.
Acvording to Oni: “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”. Obi argued that the BDCs are not the primary suppliers of forex nor do they create demand. They only provide a market to sellers and buyers
” 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”. -PO
