Stop Chasing Shadows With EFCC Crackdown on BDCs, Nobody is Mutilating Naira — Rewane Advises Tinubu

Bismarck Rewane, CEO of the Financial Derivatives Company, has advised Chief Bola Tinubu to reconsider the Economic and Financial Crimes Commission’s (EFCC) recent clampdown on Bureau De Change (BDC) operators.

In a recent interview with Channels Television on Thursday Rewane described the move by the Economic and Financial Crimes Commission’s on the orders of the federal government as doom.

The move by EFCC, prompted by the Naira’s depreciation against the US Dollar in the foreign exchange market, has raised concerns about its impact on the economy.

Over the past three days, EFCC officers conducted raids on BDC operators in various cities, including Abuja, Lagos, Kano, and Ibadan, Oyo State.

Rewane criticized the government’s approach, describing it as counterproductive and emphasised that BDCs operate within the bounds of foreign exchange laws. He urged the authorities to adopt a more reasonable and cautious strategy to address the Naira crisis and economic challenges.

READ ALSO: EFCC Raids Bureau De Change Outlets in Abuja As Naira Hits 1980 Against Dollar

Rewane stated, “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.”

Despite the ongoing EFCC actions, the Naira experienced a slight appreciation, reaching N1,542.58 per US dollar on Wednesday, as reported by FMDQ data.