Why Dollar Value Against Naira Will Keep Rising – Obi Reveals, Tackle Tinubu

The Labour Party’s 2023 presidential candidate, Peter Obi, believes it was a bad idea for the Economic and Financial Crimes Commission (EFCC) to raid Bureau De Change operators in several major Nigerian cities.

This was revealed by Obi in a statement posted on his official X account on Sunday.

According to Peter Obi, the government of President Bola Ahmed Tinubu’s decision might make the nation’s foreign exchange problems worse.

He declared 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. [CONTINUE READING HERE]