Experienced chartered accountant and former vice-president of the world bank, Oby Ezekwesili has kicked against the government after men of the Department of States Services (DSS) raided popular Bureau De Change offices in Abuja and Lagos in a bid to physically force the dollar down against the naira.
This archaic method, Oby said will further intensify the situation and "drive market UNDERGROUND."
Oby lambasted the government for the myopic gesture as she said "economies respond better to market based allocation of scarce resources like Forex to economic activities. We're still struggling with this."
This morning, to show her annoyance with the government over the act, she tweeted the following tweets.
"The immediate impact of a forceful "law&order-type" intervention of DSS in Forex market is NOT sustainable & will drive market UNDERGROUND."
"I wonder @ what stage the Federal Government will admit that something is unhinged in its mostly Statist Economic Philosophy? #NotWorking."
"There is a reason for the Economic idiom -- "You cannot eat your cake and have it". Our Forex policy & management needs to lean on this."
"Economic Fundamentals are near universal in application and the real margins of context variables now lie within the "institutional issues".
On Thursday, 10th October, DSS operatives raided two major Bureau de Change markets in Lagos and Abuja in a fresh attempt to end speculation in the foreign exchange transaction at the parallel market.
According to the report, the DSS officers had earlier directed the officials of the BDCs association to peg the dollar at N400 while selling and N390 while buying from customers.
See her tweet below:
RECEIVE NEWS UPDATE ON: WHATSAPP +234 701 056 0394, AND TWITTER: @247NGNEWSUPDATE, EMAIL: INFO@247NIGERIANEWSUPDATE.CO FOR INSTANT UPDATES ON INSTAGRAM CLICK HERE Share your story with us: email@example.com PLACE YOUR TEXT ADVERT BELOW:>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>Economies respond better to market based allocation of scarce resources like Forex to economic activities. We're still struggling with this😔— Oby Ezekwesili (@obyezeks) November 14, 2016