The National Democratic Congress presidential candidate for the 2027 general election, Peter Obi, has said he would maintain President Bola Tinubu’s floating exchange-rate policy if elected.
Obi, however, said his administration would prioritise boosting productivity as a way of strengthening the naira and improving its value to Nigerians.
The former Anambra State governor made the disclosure during an interview on Arise TV on Thursday.
Asked to identify a policy of the Tinubu administration he would retain if elected president, 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 sentiments to shape the outcome of the 2027 elections.
He said, “Our election should not be driven by tribalism.”
The Tinubu administration introduced the naira floating policy in June 2023 as part of its economic reforms designed to merge the foreign exchange market and give market forces a greater role in determining the value of the currency.
As part of the reform, the Central Bank of Nigeria lifted restrictions at the Investors and Exporters foreign exchange window, bringing an end to the previous multiple-exchange-rate arrangement and permitting the naira to trade more freely against the dollar and other major currencies.
The measure was introduced following Tinubu’s inauguration in May 2023 and came soon after he suspended the then Governor of the CBN, Godwin Emefiele.
During his inauguration, Tinubu declared that his administration would harmonise the country’s multiple exchange-rate system, arguing that the existing framework created distortions in the economy.
The policy was followed by a significant decline in the value of the naira, which fell from below N500 to the dollar at the time to more than N1,000/$ and later crossed the N1,500/$ mark at different periods.
The foreign exchange reform has continued to generate debate over the Tinubu administration’s economic direction, with its proponents maintaining that the measure was needed to eliminate market distortions, enhance transparency and encourage investment.
Obi has consistently called for Nigeria to move away from what he characterises 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 again in 2027 on the platform of the NDC.
