The presidential candidate of the New Democratic Coalition (NDC) for the 2027 general election, Peter Obi, has said he would retain President Bola Tinubu’s naira floating policy if elected president.
Obi, however, said his administration would focus on increasing productivity to strengthen the currency and make it more valuable to Nigerians.
The former Anambra State governor made the disclosure during an interview on Arise TV on Thursday, while responding to a question about one policy of the Tinubu administration he would retain 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.”
He also warned against allowing ethnic considerations to influence the 2027 presidential election, saying political choices should not be determined by tribal sentiments.
“Our election should not be driven by tribalism,” he said.
The Tinubu administration introduced the naira float in June 2023 as part of broader economic reforms aimed at unifying the foreign exchange market and allowing market forces to determine the value of the currency.
The Central Bank of Nigeria 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 policy followed Tinubu’s inauguration in May 2023 and came shortly after the President suspended then-CBN Governor Godwin Emefiele.
During his inauguration, Tinubu announced that his administration would 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 was followed by a sharp depreciation of the naira, with the currency moving from below N500 per dollar at the time to above N1,000/$ and subsequently crossing N1,500 per dollar at various points.
The foreign exchange reform has remained one of the most debated aspects of Tinubu’s economic policies, with supporters arguing that it was necessary to remove distortions, improve transparency in the foreign exchange market and attract investment.
Obi has repeatedly advocated moving Nigeria away from what he describes as a consumption-driven economy towards one focused on production, exports and investment.
The former governor, who contested the 2023 presidential election on the platform of the Labour Party, is now seeking the presidency in 2027 on the platform of the NDC.
Source: Arise TV
