RAIDING BDC UNPRODUCTIVE- REWANE

Renowned economist Bismarck Rewane says the raiding of Bureau de Change operators by law enforcement agents in a bid to stop the free fall of naira is counterproductive.

Rewane, the Managing Director of Financial Derivatives Company Limited, stated this on nation television.

Following the unification of forex rate by the Federal Government in June 2023, the Naira has been on a free fall, moving from N700/$1 to over N1500/$1 at the moment.

The government has been making all efforts to bring the forex exchange rate under control, including sending the Economic and Financial Crimes Commission and other law enforcement agents after BDC operators.