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FOREX Crisis: Raid On BDCs Ill-Advised, Wrongly-Directed – Peter Obi

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Peter Obi

 

The recent reported attacks and disruption of the business activities of Bureaux de Change (BDCs) operators in different urban centers 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.

They are part and parcel of every economy and can be found even in the developed economies of the world. To think that the BDCs are the cause of the declining value of the Naira is a smack on rational economic thinking.

 

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.

As long as Nigeria remains an unproductive economy and corruption continues unfettered with people in possession of 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. -PO

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Breaking…Naira abuse: Court sentences Bobrisky to 6 months in custody

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Justice Abimbola Awogboro of a Federal High Court in Lagos, on Friday, sentenced popular cross-dresser, Idris Okuneye, popularly known as Bobrisky, to six months in custody over Naira abuse.

 

Details soon…

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Lagos Court Grants Emefiele N50m Bail

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The embattled former Central Bank Governor, Godwin Emefiele, has been granted bail in the sum of N50m after being charged with a 26-count bordering on alleged abuse of office and irregular allocation of $4.5 billion and N2.8 billion respectively.

 

Emefiele was admitted to bail with two sureties in like sum by Justice Rahmon Oshodi on Friday.

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