Rewane Says Crackdown On Bureau De Change Operators Not The Solution

The Chief Executive of Financial Derivatives Company Limited, Mr. Bismarck Rewane, has criticized the ongoing crackdown on Bureau de Change (BDC) operators by law enforcement agents to arrest further Naira depreciation. Speaking on Channels Television’s Business Morning show, he said, the raid would be counterproductive as the government made the situation worse by the action. “This doesn’t happen in other countries, raiding market and all. You are only making it more difficult because there is what we call an illicit premium in a currency. You leave them to do what they want; a speculator can make money and a speculator definitely will lose money.” Rewane urged the government to “Allow things settle down and the true value of the currency will emerge. All these is what I call misguided enthusiasm of law enforcement agents is chasing shadows and is going to be counterproductive.” He said that the market would be brought under control when the government intervenes by supplying enough dollars into the market.