Repressing BDC Operators Will Worsen Foreign Exchange Situation – Peter Obi

Peter Obi, 2023 presidential candidate of the Labour Party, has opined that the reported clampdown on Bureau De Change (BDC) operators by government agencies is “wrongly directed.”

Recall that the Economic and Financial Crimes Commission (EFCC) had conducted raids against illegal Bureau De Change (BDC) operators in parts of the country on February 21, 2024.

Reacting via X at the weekend, he said the action will worsen the country’s exchange rate situation and not solve the issue.

The former Anambra State Governor furthered that the BDCs are not the primary suppliers of forex.

“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.

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“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,” he wrote.

According to him, BDC operators are predominant in all economies, including the world’s most developed countries.

“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,” Obi added.