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Understand workings of a modern economy, Peter Obi advises government functionaries

…Says attacks on BDCs ill-advised, will worsen forex crisis

 

The Labour Party’s 2023 presidential candidate, Peter Obi, has urged government authorities to properly understand the workings of a modern economy and channel their efforts accordingly.

 

Obi who gave the advice in a statement on his official X account on Sunday criticized the Economic and Financial Crimes Commission (EFCC) for conducting raids on Bureau De Change (BDC) operators in Nigeria’s major cities, claiming that the President Tinubu-led government is ill-advised.

He reiterated that the recent attacks and disruption of the business activities of the BDC operators may worsen the country’s foreign exchange situation.

Obi argued that the value of Nigeria’s currency will keep declining as long as the nation’s economy is unproductive and corrupted.

“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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