Former Anambra State Governor and 2023 presidential candidate of the Labour Party, Peter Obi, took to Twitter to express his disapproval of the recent attacks on Bureaux de Change (BDCs) operators by government agencies.
In his tweet, he highlighted that targeting BDCs will not solve the exchange rate issues but rather exacerbate them.
Obi emphasized that BDCs play a vital role in facilitating foreign currency transactions and are not the root cause of the Naira’s depreciation.
He stressed the need for Nigeria to shift from consumption to production, particularly export-led production, and combat corruption to stabilize the currency.
His tweet reads;
“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.
“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.
“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.
The former governor also urged government authorities to grasp modern economic principles and focus on fostering a productive economy to address currency devaluation effectively.
“It’s important therefore that government authorities properly understand the workings of a modern economy and channel their efforts accordingly.”
