Presidential candidate of the National Democratic Congress for the 2027 election, Peter Obi, has said he would retain President Bola Tinubu’s floating exchange-rate policy if elected president.
Obi, however, said his administration would prioritise productivity and increased economic output as a way of strengthening the naira and improving its value for Nigerians.
The former Anambra State governor made the statement during an interview with Arise TV on Thursday.
Asked to identify one policy of the Tinubu administration he would maintain if elected, Obi said, “There’s one – the floating of the Naira. I’m not going to defend it. But I’m going to put productivity to make it more valuable to the people.”
Obi also cautioned Nigerians against allowing ethnic considerations to determine their choices in the 2027 presidential election.
He said, “Our election should not be driven by tribalism.”
The Tinubu administration introduced the floating of the naira in June 2023 as part of its broader economic reforms. The policy was designed to unify the foreign exchange market and allow market forces to play a greater role in determining the value of the currency.
As part of the reform, the Central Bank of Nigeria removed restrictions at the Investors and Exporters foreign exchange window. This effectively brought an end to the previous multiple exchange-rate system and allowed the naira to trade more freely against the US dollar and other major currencies.
The foreign exchange reform came shortly after Tinubu assumed office in May 2023 and followed his suspension of then-CBN Governor, Godwin Emefiele.
During his inauguration, Tinubu had announced plans to unify Nigeria’s multiple exchange-rate system, describing the existing structure as a distortion that required correction.
The naira subsequently experienced significant depreciation following the implementation of the policy. The exchange rate moved from below N500 to the dollar at the time to above N1,000/$ and later crossed N1,500/$ at different periods.
The foreign exchange reform has remained one of the most controversial elements of Tinubu’s economic programme. Supporters of the policy argue that it was necessary to address market distortions, improve transparency in the foreign exchange market and encourage investment.
Obi’s position suggests that he would maintain the floating exchange-rate framework rather than reverse it, while seeking to improve the economic conditions supporting the currency.
Rather than scrapping the policy, the former Anambra governor said his focus would be on increasing productivity, domestic production and economic output to help strengthen the naira.
Obi has consistently advocated moving Nigeria away from what he describes as a consumption-based economy towards one driven by production, exports and investment.
The former governor contested the 2023 presidential election under the Labour Party and is now seeking the presidency in 2027 under the NDC.
With the 2027 election approaching, issues such as economic management, inflation, exchange-rate stability, unemployment and the rising cost of living are expected to feature prominently in the campaigns of presidential candidates.
