The presidential candidate of the Labour Party for 2023, Peter Obi, has denounced the recent raids by the EFCC on Bureau De Change operators throughout Nigeria. Obi criticized the decision as foolish in a message posted on his official X account. Obi claims that the raids, which are intended to stabilize the Naira vs the US dollar, would make the nation’s foreign exchange problems worse. He underlined that attempts to support the currency would be ineffective unless the underlying issues of economic inefficiency and corruption were addressed. CONTINUE FULL READING>>>>>
Peter Obi tweeted via his verified X account handle, He wrote: “The recent reported attacks and disruption of the business activities of Bureaux de Change (BDC) operators in different urban centres 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.
“As long as Nigeria remains an unproductive economy and corruption continues unfettered with people possessing 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.” CONTINUE FULL READING>>>>>
