• News - North Central - FCT
  • Updated: February 25, 2024

Peter Obi tackles FG following raid on BDC operators

Peter Obi tackles FG following raid on BDC operators

Peter Obi, the Labour Party's (LP) presidential candidate for 2023, has flatly denounced the raid on Bureau De Change (BDC) operators in major cities across the country. 

Allnews.ng had reported that to save the Naira from further volatility against the US dollar, EFCC agents raided BDC operators in Abuja, Ibadan, Kano, and other states.

Obi responded to the issue via a statement on Sunday, saying the raid on the BDC operators was misdirected and ill-advised.

The former governor of Anambra State noted that Bola Tinubu's government's decision may aggravate the country's foreign exchange predicament.

Obi stated that as long as Nigeria's economy is unproductive and corrupt, the value of the country's currency will continue to fall.

His statement read: “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.”

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