Peter Obi, the Labour Party’s presidential candidate, has voiced concerns over reported government actions targeting Bureau De Change (BDC) operators, warning that such clampdowns could exacerbate the nation’s exchange rate woes. In a statement released via his verified X handle on Sunday, the former Anambra State governor criticized the move as misguided, asserting that BDCs are not the root cause of the forex challenges.
Obi argued that disrupting the operations of BDCs, which serve as intermediary markets for foreign currency transactions, would not address the underlying issues but instead fuel further instability in the exchange rate. Contrary to popular belief, he emphasized that BDCs are not the primary sources of foreign exchange and merely facilitate transactions between buyers and sellers.
Highlighting the essential role of BDCs in various economies, including developed nations, Obi rebuffed the notion that they bear responsibility for the Naira’s depreciation. He stressed the urgent need for Nigeria to transition from a consumption-driven economy to one focused on production, particularly through export-oriented initiatives, while simultaneously tackling systemic corruption that perpetuates unproductive capital inflows and strains forex reserves..
Obi underscored the importance of policymakers grasping the fundamentals of modern economics and aligning governmental efforts with these principles. The statement comes on the heels of recent raids conducted by the Economic and Financial Crimes Commission (EFCC) targeting illegal BDC operators across the country, prompting renewed debate over the efficacy and implications of such crackdowns.
