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PRESIDENTIAL candidate of the Labour Party (LP) in the 2023 election, Peter Obi, has frowned at the raid on Bureau De Change operators across the country by the Economic and Financial Crimes Commission (EFCC) in a bid to halt the free fall of the naira
In a series of posts made on his X handle on Sunday, the former Governor of Anambra State said that rather than solve the problem, the anti-graft agency’s action will further escalate and worsen the exchange rate situation in the country.
He argued that these actions, aimed at halting the free fall of the naira, would exacerbate the exchange rate situation rather than solve it. According to Obi, BDCs are not the main suppliers of foreign exchange nor do they generate demand; they simply facilitate transactions between buyers and sellers of foreign currency.
Obi emphasized that attacking BDCs is misguided, as they are integral to any economy and are present even in developed countries. He rejected the notion that BDCs are responsible for the depreciation of the naira, attributing the currency’s decline to broader economic issues such as unproductivity and rampant corruption. He stressed the importance of understanding modern economic dynamics and addressing root causes rather than targeting secondary actors like BDCs.
In summary, Peter Obi criticized the EFCC’s actions against BDCs, arguing that they would worsen the exchange rate situation in Nigeria and advocating for a more nuanced approach to economic policy that addresses fundamental issues like productivity and corruption.
