Attack on BDCs a smack on rational economic thinking – Peter Obi

The Labour Party Presidential candidate, Peter Obi, has criticised the recent attack on Bureau De Change (BDC) operators around the country by the federal government.

Obi said the action of the federal government will further exacerbate the dramatic fall of the naira. Adding that the BDC operators are not suppliers of Forex but simply provide a market for buyers and sellers of Forex.

He berated the Tinubu-led administration for thinking that BDC operators are the cause of the naira decline even when they are part of developed economies around the world.

Obi advised that the only way to solve the current situation is to move the country from consumption to production, one of the key points of the presidential candidate during campaigns leading to the general elections last year.

“The only way to shore up the value of our currency is to move the country from consumption to production, especially export-led production, and fight corruption, which allows unproductive money to pursue the available supply of foreign currency.”

He added that as long as Nigeria remains an unproductive economy, corruption continues, and people in possession of unproductive excess cash are allowed, the value of our currency will continue to depreciate.

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Kangmwa Gofwen

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