Some transformers donated by the lawmaker representing Oyigbo in the Rivers State House of Assembly, Hon. Okechukwu . A. Nwuogu

The Acting President of
Bureau De Change of Nigeria, (BDC), Aminu Gwadabe, has kicked against the increase from 250 percent in the minimum capital requirement for BDC in the country from N10 million to N35 million by the Central Bank of Nigeria (CBN).
According to a statement from the CBN, and made available to The Tide’s  Source, the decision was sequel to among other stringent measures, to correct observed deficiencies in the  BDC segment which have led to gross inefficiencies and sharp practices in the Foreign Echange (FOREX) Market.
According to a BDC source, it has already met with the CBN authorities and top politicians with a view to redressing the policy.
Gwadabe was reported to have said that the abrupt decision of the apex bank was capable of encouraging mass circulation of foreign currencies in the country.
The BDC boss said already the activities of the organised BDC operators in the forex trading over the years had greatly improved positively on the image of the country abroad.
According to him, on the long run, the BDC operators would not be the only ones to kick against the policy.
He said the politicians who were more likely to oppose the new policy might not be doing so for the interest of the country but their own personal gains.
Explaining further, he said while Nigeria was nearing an election year there was every likelihood that politicians would buy up and stock enough foreign currencies,  especially dollars to influence supporters votes.
He said this would “dollarize” the economy thereby creating scarcity which was capable of putting the naira under pressure.
He expressed the worry that while the politicians would not need to source the dollars from the official market, the parallel market which is the BDC would then become their source of laundering and access as much foreign currency as they want thereby creating scarcity.
The BDC boss said since the naira had constantly come under pressure due mostly to speculation and artificial scarcity created by excess dollar demand, the BDC would no longer be able to meet genuine demands.
He said this could make the exchange rates to go up and depreciation of the naira inevitable.