Obi added, “To think that the BDCs are the cause of the declining value of the Naira is a smack on rational economic thinking.”
By Jeffrey Agbo
Former presidential candidate of the Labour Party, Peter Obi, has advised government agencies arresting Bureau de Change (BDC) operators to desist from it, noting that they are not the problem of the naira fall or dollar rise.
In a message on his X handle on Sunday, Obi said arresting them is primitive and shows a poor understanding of the problems.
According to the LP leader, “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.
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“They are part and parcel of every economy and can be found even in the developed economies of the world.”
Obi added, “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.”