Instead of formulating sound economic ideas, policies and concessions that will stimulate growth, productivity and export, Buhari's government is busy enforcing and policing monetary policy at gun point.
It was reported today that DSS Operative raided Bureau de change spots in Kano, Awka and Onitcha and arrested no fewer than 60 currency dealers. Their reason being that they are worried that some commercial banks’ officials were conniving with the hawkers in the markets to destabilize the government efforts to the sale the foreign currencies at cheaper rates,”
Most financial analysts have described the CBN commissioned DSS raid as primitive and draconian. The exchange rate has only worsened since the raids, with traders now hoarding Forex. But if Emefiele and his CBN staff have learned anything from forcing the exchange rate, they are yet to show
A trader at the Eke Market in Awka told the News Agency of Nigeria, NAN, that some persons were arrested. He said the DSS operatives also carted away huge sums of foreign currencies seized from the hawkers. “We scampered for our lives when we saw them inside the market in the early hours of the day because no one knew their mission initially,” he said. “They took over the market until later when we were able to find out their mission.”
Eyewitness in Kano, Umar Iliya told Vanguard that the operative stormed the Wapa area at about noon, seized selected men and took them away in security van. The witness said the operation causes stir culminating in a pandemonium before their identity was revealed.
Vanguard learnt that simultaneously, another group currency dealers were arrested at the Aminu Kano International Airport, as well few others at Central hotel general area of the city. Although the DSS official are quiet over the operation, but the Auditor General of Association of Currency Dealers, in Kano, AbdulHamid Kabeer confirmed the incident
According to Kabeer “they arrested over 40 of our members in an operation that barely lasted half an hour.” He said, “we are deeply troubled over this unfortunate incident, and as I talk to you an emergency meeting is the offing to determine our next line of action.''
Nigeria is in a very big mess! I pity the Central bank governor and who ever that is the finance minister. This government has shown every tendency to dragging Nigeria back to the 1984 era of Buhari's junta.
As a matter of fact, the only way to energize the economy is by formulating sound economic ideas, policies and concessions that will play their roles as components of market forces to force prices down and ease foreign currency scarcity.
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