The presidential candidate of the Labour Party, Peter Obi, has said that the recent clampdown on Bureau de Change (BDC) operators across the country is wrongly advised, misdirected and will escalate foreign exchange crisis.
According to Peter Obi, 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
Peter Obi maintained that the only way to stem the tides of the forex crisis is to move the country from consumer to producer economy.
Peter Obi made his stance known via an X(formerly Twitter) post he released on Sunday, 25th February 2024.
They are part and parcel of every economy and can be found even in the developed economies of the world. To think that the BDCs are the cause of the declining value of the Naira is a smack on rational economic thinking.
Obi reiterated that the government must show understanding of the workings of the modern economy and channel their efforts accordingly.
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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.