Presidential candidate of Labour Party in the 2023 general elections, Peter Obi, has kicked against the recent raids on Bureaux de Change operators by security agents in different parts of the country.
Obi said the recent disruption of the activities BDCs operators in different urban centers across the country by government agencies, including security operatives are ill-advised and misdirected.
The LP flagbearer said this on Sunday in posts on his X handle.
Recall that the Federal Government, as part of measures to save the Naira from further volatility against the US dollar and other international denominations, ordered the EFCC and DSS agents to raid BDC operators in Abuja, Ibadan, Kano, Enugu and other states.
But Obi argued that the government’s action may aggravate the country’s foreign exchange predicament.
He wrote, “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.
“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.
“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.
“It’s important therefore that government authorities properly understand the workings of a modern economy and channel their efforts accordingly.”