President Muhammadu Buhari has said the Bureau de Change business has become a scam of recent with the connivance of some Central Bank officials.
“I understand some CBN directors are helping the BDCs through the back door,” adding that this had resulted into a drain on the nation’s economy.

He also noted that the revelation coming out of the arms deal is just a tip of the iceberg saying it is only one aspect in the office of the National Security Adviser.
“We have not come to the NNPC, and the Customs is also there,” he added.
He rejected suggestions that the Central Bank of Nigeria should resume the sale of foreign exchange to Bureaux de Change (BDCs).

The President spoke Wednesday night during a meeting with Nigerians resident in Nairobi, Kenya, according to a statement by his media aide, Garba Shehu.
Buhari also said about a third of petroleum subsidy payments under the previous administration was bogus.

“They just stamped papers and collected our foreign exchange,” he said.
The Central Bank recently stopped the sale of foreign currencies to the bureaux when the price of crude oil and the value of the naira dipped to a record low. Buhari said some bank and government officials used surrogates to run the BDCs and prosper at public expense by obtaining foreign exchange at official rates and selling it at higher rates.

“We had just 74 of the bureaux in 2005, now they have grown to about 2, 800.
“We will use our foreign exchange for industry, spare parts and the development of needed infrastructure. We don’t have the dollars to give to the BDCs.

“Let them go and get it from wherever they can, other than the Central Bank”, Buhari was quoted as telling the gathering.

President Buhari again rejected the call to devalue the naira, as to do so, he said, was to kill the Nigerian currency.
Buhari said he was yet to be convinced that Nigeria and its people would derive any tangible benefit from an official devaluation of the naira.

He noted that export-driven economies could benefit from currency devaluation, but that doing so in import-dependent economy such as Nigeria’s would only lead to further inflation and hardship for the poor and middle class.

He said he had no intention of bringing further hardship on the nation’s poor who have already suffered enough.
Buhari said proponents of devaluation would have to work much harder to convince him that ordinary Nigerians would gain anything from it.

He appealed to Nigerians studying abroad to bear with his administration as it strives to address the challenges they were facing as a result of new foreign exchange measures.

The President said he was optimistic that the Nigerian economy would stabilise soon with the efficient implementation of measures and policies introduced by his government.

lalasticlala

Progressive01:
Baba ride on!! We stand gidigba for ya back, Holy Ghost dey ya front!!

There is nothing the supporters and foot soldiers of The Ineffectual Buffoon can do to you.

I know the Wailing Ekpa Cankerworms don't know shiiit and are likely ignorant of what an "iceberg" is, the picture below is what Baba is talking about metaphorically. He's saying the arms probe is the visible portion of that frozen ice, what lies beneath the surface is a lot bigger!
Kapish??

Yorubasgreat:
Yes we hear, but enough of the promises already.. Let us see or feel even one, just one I am asking.. Habbaaa!

sexymumu:
I know many corrupt people in the customs and NNPC will be praying for baba not to come back from him trip. Most of them are SIB(supporters of the ineffectual buffon).

StOla:


Many wish they could reverse time and ensure Buhari was killed in the boko haram attack of 2014.

Now they are very distressed that a corrupt way of life they had known for years is now in its twilight.

Progressive01:
From your signature, we know you are an Ipod youth, and most likely a male and not a female as you want people to believe.

We know how deeply in love you people are with corruption and supporting Ineffectual Buffoons like Metuh, Dasuki and their Oga, GEJ.

Change your moniker to "Igbosgreat" already. Stop being a coward.

Yorubasgreat:



Must I answer you?.. .we can't be mad at the same time..maybe if I'm jobless like you then I would have had your time..
My appeal is to ppl like you so swerve.

Progressive01:
All Wailing Cankerworms are gainfully employed...
defending Ineffectual Buffoons on Nairaland!

lirbuj:
Thank God for bringing PMB on board. He is unlike the ineffectual baboon who says 'yes' to every proposal shown to him by the 'yam eaters'. May God bless PMB! Please baba....let's get all the yam eaters!