The presidential candidate of the National Democratic Congress (NDC) in the 2027 election, Peter Obi, has said he would retain the floating exchange-rate policy introduced by President Bola Tinubu if elected.
Obi, however, said his administration would prioritise productivity and increased economic output to strengthen the naira and improve its value to 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 he would maintain 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.”
He also cautioned Nigerians against allowing ethnic considerations to determine their choices in the 2027 election.
“Our election should not be driven by tribalism,” he said.
The Tinubu administration introduced the naira float in June 2023 as part of its economic reforms aimed at unifying the foreign exchange market and allowing market forces to influence the currency’s value.
The Central Bank of Nigeria subsequently removed restrictions at the Investors and Exporters foreign exchange window, effectively ending the previous multiple exchange-rate system and allowing the naira to trade more freely against the dollar and other major currencies.
The reform came shortly after Tinubu assumed office in May 2023 and suspended then-CBN Governor Godwin Emefiele. During his inauguration, Tinubu had announced plans to unify the country’s exchange-rate system, describing the existing arrangement as a distortion.
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Following the implementation, the naira recorded a sharp decline in value, moving from below N500 to the dollar to above N1,000/$ and later exceeding N1,500/$ at different points.
The foreign exchange reform has remained a major point of debate over Tinubu’s economic policies. Its supporters have argued that it was necessary to eliminate market distortions, improve transparency and encourage investment.
Obi’s position suggests that while he would keep the floating exchange-rate framework, he would seek to change the economic conditions surrounding it by increasing domestic production and output.
The former governor has consistently called for Nigeria to move away from what he describes as a consumption-based economy towards one driven by production, exports and investment.
Obi contested the 2023 presidential election on the platform of the Labour Party before emerging as the NDC’s presidential candidate for the 2027 election.
Economic management, inflation, exchange-rate stability, unemployment and the rising cost of living are expected to feature prominently in the 2027 presidential campaigns.