Bismarck Rewane, CEO of Financial Derivatives Company, has advised President Bola Tinubu to reconsider the recent clampdown by the Economic and Financial Crimes Commission (EFCC) on Bureau De Change (BDC) operators. This move follows the fluctuations of Naira against the US Dollar in the foreign exchange market.
During a recent interview on Channels Television, Rewane criticized the EFCC’s raids on BDC operators in Abuja, Lagos, Kano, and Ibadan, describing it as counterproductive. He emphasized that BDCs operate within the foreign exchange law and should not face such harsh treatment.
Addressing the Naira crisis and the country’s economic challenges, Rewane urged the government to adopt a more rational approach. He emphasized the need to refrain from “chasing shadows” and cautioned against exacerbating the already dire economic situation.
Meanwhile, data from the Financial Markets Dealers Quotation (FMDQ) revealed that the Naira appreciated to N1,542.58 per US dollar on Wednesday, marking the second increase this week.
The EFCC’s crackdown on BDCs has raised concerns about its impact on Nigeria’s currency market and economy, prompting experts like Rewane to call for a more measured and thoughtful strategy in addressing the issue.
