And if they ever succeed in achieving this, what then will they do with forex exchange traders? Will they sanction an exchange for trading the dollar at a high rate? These people don't even know what they are doing. This is the market, and the naira is losing value unless they start working to bring it back. All they are doing is only going to make things worse.
Stablecoins makes the US dollar to have more value, but this does not count in forex market. It is the forex market that determines the exchange rate. Correct me if wrong.
It's really very unfortunate how our government discards the major cause of a problem and begin to hold people that doesn't even have a hand in the predicament of the government in the course of their proclaimed corruption fighting. Is the bureau De Change officials the cause of naira devaluation? It's high time the EFCC stopped embarrassing officials that are no where close to the cause of an action. So now if they succeed in scaring the operators from exchanging the naira to foreign currencies would it implies that their decisions would have a positive effect on the naira devaluation?
You are correct. The cause of what is causing dollarization of the country is not solve and the government are not trying at all. It is like this country is cursed with incompetent leadership.
EFCC are one of the most useless organizations in this country, arresting BDC operators like it's their fault our economy is bad, like they're the ones who dictate the value of dollar in the country.
I was disappointed to this kind of news during this time. They are only deceiving people that they are working excellently. Arresting BDC operators is wrong. But I guess the CBN will tell them to do so to deceive people.
I read the replies if other posters, you also agree with me. This is just an evidence of one of the reasons the economy is bad. We are not getting anything right in this country. Both the government and their officials.