In a recent development, Peter Obi, the former Presidential candidate of the Labour Party in the 2023 general election, has criticized the ongoing crackdown on Bureaux de Change (BDCs) operators by security agencies across Nigeria.
He argues that such actions, instead of addressing the underlying issues, will exacerbate the already critical exchange rate situation in the country.
Expressing his concerns on his verified Facebook page, Obi highlighted the integral role played by BDCs in every economy, even in developed nations.
He emphasized that blaming BDCs for the depreciation of the Naira is shortsighted and ignores broader economic realities.
Obi stressed that to stabilize the currency’s value, Nigeria must transition from a consumption-based economy to one driven by production, particularly export-oriented production.
Additionally, he underscored the importance of combating corruption, which fuels the demand for foreign currency by enabling the circulation of unproductive funds.
He cautioned government authorities against misconceptions about the function of BDCs and urged them to align their strategies with the principles of modern economic dynamics.
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Obi’s remarks come amid growing concerns about Nigeria’s economic stability and the effectiveness of government measures to address currency depreciation and forex shortages.