BDCs Not Cause Of Dollar Rise Stop Harassing Them – Obi

The main opposition Voice and the Labour Party Presidential Candidate in last year’s general election,  Peter Obi has advised government agencies to stop arresting Bureau de Change operators, 

OBI in verified social at the weekend believed that the BDCs were not responsible for the embarrassing decline in the value of the national currency. (Naira)

Obi according a statement issued by his former presidential spokesperson, Dr Yunusa Tanko said in his X handle on Sunday described the action as primitive showed a poor understanding of the problems. 

“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. He stated.

Obi noted that the action would further escalate and worsen the exchange rate rather than solve the situation, adding that since the BDCs were not the primary suppliers of forex could not creat demands.

“They only provide a market to sellers and buyers of foreign currency.

They are part and parcel of every economy and can not 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, and stop ridiculing the nation in the eyes of global economies.