Labour Party 2023 presidential candidate Peter Obi thinks the EFCC raid on Bureau De Change operators in major Nigerian cities is misguided.
Obi announced this on Sunday on his official X account.
EFCC agents raided BDC operators in the Federal Capital Territory, Lagos, Kano, and other states to stabilise the Naira against the US dollar.
Peter Obi, meanwhile, warned President Bola Ahmed Tinubu’s move may aggravate the country’s foreign exchange predicament.
He said Nigeria’s currency will decline as long as its economy is unproductive and corrupt.
“Government agencies’ recent attacks and disruption of Bureaux de Change (BDC) operators’ business activities in urban centres nationwide are misguided.
“Rather than solving the problem, the action will worsen the country’s exchange rate. BDCs don’t supply primary FX or create demand. Their market is just for foreign currency vendors and buyers.
“Our currency will depreciate as long as Nigeria remains an unproductive economy and corruption persists with people hoarding unproductive cash.
He said, “It’s important, therefore, that government authorities properly understand the workings of a modern economy and channel their efforts accordingly”.
After work on Friday, FMDQ statistics showed Naira depreciating to N1,665.50 per US dollar from N1571.31 on Thursday.
In a broad BDC policy intervention, the Central Bank of Nigeria proposed a prohibition on street trading and a new per capital share registration requirement.
