Fifth article in a quest to save the Naira, check previous posts to understand better. The fifth recommendation for the government is on the role the independent bureau de change
officials have to play. In Nigeria, there are about 252 independent traders of foreign currency, apart from the Federal
government. Currently, the Federal government banned these independent
foreign money traders or bureau de change from operation, further making the
price of foreign currency high due to the fact that these sellers are no more.
This is a desperate and wrong move by the government to salvage the situation. The
government should have allowed these money changers continue operation and
then force them to sell at an official price than what they were
selling. This will ensure that the dollar become less scarce and in essence, reduce it's price. The country can only get better. Comment box still very much open.
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