Rewane To Tinubu: Chasing BDC Operators Won’t Boost Naira

Bismarck Rewane, the Chief Executive Officer of Financial Derivatives Company (FDC), has offered counsel to President Bola Tinubu, urging him to reconsider the approach of using the Economic and Financial Crimes Commission (EFCC) to crack down on Bureau de Change (BDC) operators in response to the depreciation of the Nigerian naira.

Rewane’s advice comes in the wake of recent EFCC raids on BDC operators in major cities like Abuja, Lagos, Kano, and Ibadan, prompted by fluctuations in the naira’s value against the United States dollar in the forex market.

In a previous interaction, Rewane, an economist, emphasized the futility of resorting to misinformation tactics, cautioning that prosperity cannot be fabricated.

Highlighting the essential role BDCs play within the framework of forex regulations, Rewane argued against their unwarranted targeting as the cause of currency devaluation. He called for a cessation of what he termed as “doom” measures, emphasizing the need for a more judicious and rational approach to economic policies.

Despite efforts to stabilize the naira, it continues to struggle, with its value hovering around N1,900 to the dollar and exceeding N2,000 against the pound sterling. Amidst this economic turmoil, former Vice Chairman (South West) of the Peoples Democratic Party (PDP), Bode George, has pointed fingers at commercial banks for exacerbating the forex crisis through illicit practices such as dollar round-tripping.

George’s allegations, which resurfaced following the tragic demise of Access Bank Holding Company’s Group CEO, Herbert Wigwe, in a helicopter crash, highlight the nexus between powerful banking executives and systemic corruption. He specifically implicated former Central Bank of Nigeria (CBN) Governor Godwin Emefiele in collusion with figures like Wigwe and Tony Elumelu, Chairman of United Bank for Africa (UBA).

Questioning the origins of their immense wealth and assets, George raised concerns over the transparency and accountability of banking institutions, particularly their handling of foreign currency transactions. He lamented the lack of accessibility to dollars for ordinary citizens, attributing the prevalence of black market currency exchanges to the scarcity perpetuated by commercial banks.

George called upon the authorities in Abuja to hold individuals like Wigwe and Elumelu accountable for their actions, urging a thorough investigation into their alleged misdeeds. He emphasized the imperative of confronting systemic corruption within the banking sector and advocated for transparency measures to restore public trust and confidence in financial institutions.

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