Politics

Raid On BDC Operators Ill-Advised – Peter Obi Slams Tinubu Govt

The 2023 presidential candidate of the Labour Party (LP), Peter Obi, has outrightly condemned the raid on Bureau De Change (BDC) operators across major cities in the country.

CityNews Nigeria recalls that in an effort to rescue the Naira from continued fluctuations against the US dollar, operatives of the Economic and Financial Crimes Commission (EFCC) raided BDC operators in Abuja, Ibadan, Kano and other states.

Advertisement

Reacting to the development in a post via his official X handle on Sunday, Obi said the raid on the BDC operators was wrongly directed and ill-advised.

The former Governor of Anambra State said the move by the Bola Tinubu’s government may worsen the country’s foreign exchange situation.

Advertisement

Obi stated that as long as Nigeria’s economy remains unproductive and corruption-fettered, the value of the country’s currency will continue to depreciate.

He wrote: “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.

Advertisement

“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.

Advertisement

“It’s important, therefore, that government authorities properly understand the workings of a modern economy and channel their efforts accordingly.”

Advertisement
citynews

Recent Posts

Breaking: FIRS Announces Fresh Recruitment, See Eligibility Criteria, Application Deadline

The Federal Inland Revenue Service (FIRS) has begun its recruitment exercise for experienced professionals to…

2 hours ago

Primate Ayodele’s Prophecies For 2025

Primate Elijah Ayodele Unveils 94-Page Prophecy for 2025, Makes Striking Predictions About Nigeria’s Political and…

5 hours ago

Tinubu’s Aide Condemns Plan To Reinstall ‘Jesus Is Not God’ Banner In Lekki Mosque

The Senior Special Assistant to President Bola Tinubu on Community Engagement (North Central), Abiodun Essiet,…

7 hours ago

President Tinubu’s reforms not responsible for food stampedes – FG

The Minister of Information and National Orientation, Mohammed Idris, has warned politicians against linking stampedes…

8 hours ago

I will be more influential in Nigeria than UK – Tobi Adegboyega

Tobi Adegboyega, founder of the Salvation Proclaimers Anointed Church (SPAC Nation), has stated that he…

8 hours ago

Petrol To Sell ₦‎935/Litre From Today – IPMAN

The Independent Petroleum Marketers Association of Nigeria has said that petrol is going to sell…

8 hours ago