The Chief Executive Officer of the Financial Derivatives Company, Bismarck Rewane has told President Bola Tinubu to stop chasing shadows with the Economic and Financial Crimes Commission’s recent clampdown on Bureau De Change operators over the fluctuations of Naira against the US Dollar at foreign exchange market.


Rewane disclosed this on Thursday during a Channels Television interview monitored by DAILY POST.

Recall that in the past three days, the officers had carried out raids on BDC operators in Abuja, Lagos, Kano and Ibadan, Oyo State over the Naira depreciation against the USD at the forex market.


Reacting to the development, Rewane described the move by EFCC on the orders of the federal government as doom.

According to him, BDCs are operating within the ambit of the foreign exchange law and hence should not be given such treatment.

He urged the government to be more reasonable in dealing with the Naira crisis and the country’s economic challenges.


“Stop all the chasing of shadows, BDCs, by EFCC officers. What crime is being committed? The foreign exchange law allows “willing buyer and will seller”, and nobody is mutilating the currency. The earlier we stop doing doom things, the better for the economy. Let us be more cautious and reasonable because we cannot use one solution to create another problem”, he said.

Meanwhile, DAILY POST reports that the Naira appreciated for the second time this week to N1,542.58 per US dollar on Wednesday, according to FMDQ data.




https://dailypost.ng/2024/02/22/naira-vs-usd-stop-chasing-shadows-with-efcc-clampdown-on-bdcs-rewane-tells-tinubu/

Tinubunomics


An epitome of extreme cluelessness and incompetence

COMRADES, tinubu is brain dead, that's why he lacks the political will to put things in order