Obi says ‘corruption continues as long as Nigeria remains an unproductive economy'
Pter Obi, the former presidential candidate of LP, has said it’s very much essential for Nigeria’s government authorities to exempt themselves from any form of corruption, which has allowed “unproductive money to pursue the available supply of foreign currency”.
Also speaking on the plan by the Tinubu-led administration to ban CDCs operations, the 2023 election Presidential Candidate of Labour, Peter Obi, said it will be an ill-advised decision for the government to go with that plan as “the BDCs are not the primary suppliers of forex nor do they create demand”.
He condemned the previous halt to the activities of Bureaux de Change (BDCs) agents in different urban centres of the country as such action was seen to have been born out of some “ignorant decision” and may impact more negatively on the Naira.
across the country by government agencies, including security operatives are ill-advised and misdirected.
Writing in his X post today, on Sunday, Peter said, “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,” he said.
