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

Peter Obi

They will still attack you PO. Stop giving them ideas on how to rule Nigeria. Hmmmmmm

Tinubu's advisers and cabinet are operating like Ahitophel who was advising Absalom.

The stupidity in using guns to solve forex crisis.

Tomorrow Emiliokans will tell you he doesnt give constructive critiscms and proferring solutions.

the cbn is acting more like they are in competition with the bdc operators.
the official rate the cbn peg the dollars is still high and most likely will result to the bdc operators selling higher.

fight corruption holistically
stop wattages by public office holders
stop thieves, politicians who have stored monies in naira from converting them to dollars and re storing them.
be a massive production exporting country .

Fela, CSU accountant wey he knows know him work na wety?

What 9ja needs na Job creation.(including agriculture)
The private sector no fit do am becausd they are worn out by the economic challenges.

Na some1 tell me ooo I don't know much about economics.

This is very true. The present fire brigade approach is just window dressing.

Tell dem[b]

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.[/b]

This is the only solution

Move from consumption to production.

Obi is called "Try your luck"

Please guys who can guess what they will try this week ?

Tell them oooo ... if only they have ears to listen. Make dem fey do all these their fire brigade approach!!

The raid was not on bdc but on those Mallam engaged in an already outlawed activities.
BDC operators were only slammed with regulatory policy so as to tighten the loop holes they exploited.
The naira has been on steady gain ever since and today it's 1600.
I'm sure Peter obi was the same person who clearly stated you don't remove a teeth just like that because it aches you.

Corruption, underproduction are part of our problem, we aren't pleased with that but then we don't allow a new problem of negative speculation develope into a critical one because we are fighting a much bigger problem.
Problem in it's self is well managed at an initial stage.

Abeg Gerrout!

There is no place in any developed country, that you will find trading of foreign currencies carelessly on the streets like in nigeria, both registered and unregistered, illiterates etc, that do not not even know the basic knowledge of economy are allowed to free-trade the currencies in nigeria. I am in support of clamping down on the street trade and I am suggesting apart from the airports, every other currency trade should be done in the banking hall, every bank should create a space for a registered bdc transaction for a better monitoring.

Peter Obi know nothing other beer factory.

The naira has been on steady appreciation, since all the reforms and crackdown are going on.

Check the rate this morning.

NPFLADMIN:
What 9ja needs na Job creation.(including agriculture)
The private sector no fit do am becausd they are worn out by the economic challenges.

Na some1 tell me ooo I don't know much about economics.

the fact that production is part of our problem doesn't mean if the dollar moves to 15k naira to a dollar we would accept.
Yes lack of production is a problem but don't exploit us beyond our reach.

Trust me if demand and supply was the major player in currency trade crisis killing our naira, there would be absolutely no seller of the dollar available at the moment as many individual would have bought it at the cheaper rate it reduced to in recent times.
But then steady availability and steady decline means speculation has been eliminated and no panic buying at the moment.

jmoore:
Tinubu's advisers and cabinet are operating like Ahitophel who was advising Absalom.

The stupidity in using guns to solve forex crisis.

Lol at Ahitophel , and all the counsel of Ahitophel was turned to foolishness

jumper524:
The raid was not on bdc but on those Mallam engaged in an already outlawed activities.
BDC operators were only slammed with regulatory policy so as to tighten the loop holes they exploited.
The naira has been on steady gain ever since and today it's 1600.

Go to Amsterdam, Brussels, Antwerp, Rotterdam you will find their equivalent of Mallams.

We have the habit of destroying people's business as a way of punishment.

Government could have simply given them 2 weeks to register and that their representative should bring the list of registered Mallams in their district.

During a raid if an unregistered Mallams are seen government will fine the Mallams in charge of that area 5 million naira for each unregistered Mallam operating there and the fine should be paid within 5 business day or they will be prosecuted and their licence withdraw.

That way the Mallams will also be part of the enforcers no business destroyed no body is being harassed, government is making cool cash and mallams are feeding their children.

APC can use the idea I won't complain as long as it moves the country forward.

bonechamberlain:
Move from consumption to production.

Just as he did in Anambara, which is the hub of production amongst the states of the country

chisomkachy:

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.
Peter Obi

In Nigeria, the dollars end up in the unregulated BDC market ie. The people selling currency on road sides which is an eye sore.

BDC in good countries don't operate like the ones in Nigeria and they are extremely regulated like a regular
financial organization. Nothing wrong in the government going after the ilegal ones.

Ps: The government is using several tools. Clamping down on BDC is NOT the only approach being used. It's just one of several tools.

Well said if only they'll hear

Currency hawkers or Mallams that sell dollars in some streets and markets are not BDCs.

Their activities is illegal and CBN must clamp down on them to stop their illegal activities.

Nawa oo

Northerner into this business been arrested are not complaining.

There leaders are not complaining

Na one busy body that must always talk and critique everything in another region dey cry more than the bilreved.

How many country he visited and he saw there citizens selling and buying dollar by the road side

They can never mind there God damn business.

Economics no be thuggery and ballot box snatching.

D

Okoroawusa:
Abeg Gerrout!

Why are you pained?

You guys should be patriotic... it’s about Nigeria.. not Obi

CilicMarin:
Peter Obi know nothing other beer factory.

The naira has been on steady appreciation, since all the reforms and crackdown are going on.

Check the rate this morning.

You can always follow the rate here
https://mediatalkafrica.com/binance-p2p-daily-exchange-rate/