The presidential candidate of the Nigeria Democratic Congress for the 2027 election, Peter Obi, has said he would retain President Bola Tinubu’s floating exchange-rate policy if elected.
Obi, however, said his administration would focus on boosting productivity and domestic economic output to strengthen the naira and improve its value for Nigerians.
The former Anambra State governor stated this during an interview on Arise TV on Thursday.
Asked to identify one policy of the Tinubu administration that he would retain if elected president, Obi pointed to the floating of the naira.
“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,” he said.
Obi also cautioned Nigerians against allowing ethnic sentiments to determine their choices in the 2027 general elections.
“Our election should not be driven by tribalism,” he said.
The Tinubu administration introduced the naira float in June 2023 as part of its broader economic reforms aimed at unifying the foreign exchange market and allowing market forces to play a greater role in determining the value of the currency.
The Central Bank of Nigeria subsequently removed restrictions at the Investors and Exporters foreign exchange window, effectively ending the previous system of multiple exchange rates and allowing the naira to trade more freely against the dollar and other major currencies.
The reform followed Tinubu’s inauguration in May 2023 and came shortly after he suspended the then Governor of the Central Bank of Nigeria, Godwin Emefiele.
During his inauguration, Tinubu had announced plans to unify the country’s multiple exchange-rate system, describing the existing arrangement as a distortion that needed to be addressed.
The implementation of the policy initially triggered a significant depreciation of the naira. The currency, which traded below N500 to the dollar around the time of the reform, subsequently moved above N1,000/$ and later crossed the N1,500/$ mark at various points.
The foreign exchange reform has remained one of the most debated aspects of Tinubu’s economic policies.
Supporters of the policy have argued that allowing the naira to float was necessary to eliminate distortions in the foreign exchange market, improve transparency and create a more attractive environment for investment.
Critics, however, have linked the naira’s depreciation to increased costs of imported goods and heightened economic pressure on households and businesses.
Obi’s position represents a distinction between retaining the floating exchange-rate framework and changing the economic conditions under which the policy operates.
Rather than reversing the policy, the former Anambra governor said his priority would be to increase productivity, expand domestic production and strengthen the economy in a way that would improve the value of the naira.
His comments come as political parties and presidential contenders begin to outline their economic programmes ahead of the 2027 general elections.
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