Peter Obi, the Labour Party’s presidential candidate in the 2023 elections, criticized the recent disruption of Bureaux de Change (BDCs) operations by government agencies and security operatives in various urban centers across the country. He expressed his disapproval of the government’s actions on Sunday through posts on his Twitter handle.

As part of measures to stabilize the naira against the US dollar and other international currencies, the federal government had instructed the EFCC and DSS agents to conduct raids on BDC operators in Abuja, Ibadan, Kano, Enugu, and other states.

The former governor of Anambra State argued that the government’s actions could worsen the country’s foreign exchange challenges. Obi emphasized that BDCs are not the primary suppliers of forex and do not create demand; instead, they provide a market for the buying and selling of foreign currency.

He stated, “To think that the BDCs are the cause of the declining value of the Naira is a smack on rational economic thinking.” Obi highlighted the importance of transitioning the country from consumption to production, particularly export-led production, and addressing corruption to strengthen the currency’s value.

Obi asserted that as long as Nigeria remains an unproductive economy and corruption persists, causing unproductive excess cash, the value of the currency will continue to depreciate. He urged government authorities to understand the workings of a modern economy and align their efforts accordingly.