It is no news that the Bureau De Change has been instrumental to many corrupt politicians as a source of their Money Laundering. So, am not surprise by some few Rep members kicking against the CBN policy to standardized the BDC operation. A stable naira means a stable economy! The pressure the black market of the BDC is mounting on Nigerias Economy handicap the Regulators and government efforts to bring good lives to the Nigeria Masses. In a country where there is no mass production in the real sector, a slight depreciation in the Naira frequently caused by the illegal and insensitive Bureau De Change bring Hardship upon the Mases by skyrocketting the price of virtually everything basic need of the masses. These of course is no concerned to the few gullible Wealthy ones as they can afford everything no matter the amount with their ill-gotten Wealth. CBN is not a political institution but one led and govern by Experts who understand the rudiments of running the Economy. Our House of rep members should focus on their Law making and allow experts to do their jobs. What are the advantages of the new BDC policy? It will discourage money laundering( Since every stolen wealth can easily be converted to sizeable hard currencies and cart abroad), strengthen the BDCs as we have witnessed in the banking sector, stabilize the naira and make life easy for Nigerians ( in a country with no massive real production, every fall in naira impoverish the Masses), it re-direct investors to the real sector and reduces unnecessary speculation that dis-stabilizes the business cycle and many more. A BDCs sub-sector that refuses to be standardized with the Banking sector will render the efforts of the government useless, as the operation of the BDCs to some extent determine the prices of goods and services in the Economy in a global World. Price Changes may not necessary affect the Ruling class that get everything almost free, but the Masses needs to be protected from frequent price change including Exchange rates. Thats why Nigerians needs to vote in non-gullible Honorables that are educated beyond the walls of the University and support the CBNs policy on the BDCs. Nigerian House of representatives should not play politics with our Economic Institutions!
Posted on: Mon, 30 Jun 2014 09:07:43 +0000
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