Former Vice Presidential candidate and 2023 Labour Party presidential hopeful, Peter Obi, has criticized the recent raid by the Economic and Financial Crimes Commission (EFCC) on Bureau De Change (BDC) operators across major Nigerian cities, stating that it is ill-advised and could exacerbate the country’s foreign exchange woes.
Obi made his views known in a statement posted on his official X account on Sunday, following the EFCC’s crackdown on Bureau De Change operators in effort to stabilize the fluctuating value of the Naira against the US dollar.
Expressing concern over the potential repercussions of the EFCC’s actions, Obi warned that the move by the government of President Bola Ahmed Tinubu might further deteriorate Nigeria’s foreign exchange situation rather than resolve it.
He emphasized that the fundamental issues underlying the depreciation of the Naira, such as a lack of productivity in the economy and widespread corruption, must be addressed comprehensively to achieve lasting stability.
Highlighting the role of Bureau De Change’s in facilitating foreign currency transactions, Obi clarified that they act as intermediaries in the forex market and do not directly influence supply or demand.
He stressed that until fundamental economic issues are addressed and excess liquidity stemming from corruption is curbed, the value of the Naira will continue to depreciate.
“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”, he stated.
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