Obi promises to keep Tinubu's naira float policy if he wins

Peter Obi, the National Democratic Congress candidate for the 2027 election, said he would keep President Bola Tinubu’s naira float policy if he wins.

But Obi added that his main focus would be on boosting productivity to make the currency stronger and more valuable for Nigerians.

Obi shared this during an interview on Arise TV on Thursday.

When asked about a policy of Tinubu’s he would keep if he becomes president, Obi replied, “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.”

Ethnic Considerations

Obi also spoke against letting ethnic issues affect the 2027 elections.

He stressed, “Our election should not be driven by tribalism.”

Tinubu's administration started the naira float in June 2023 as part of wider economic reforms. These reforms aimed to unify the foreign exchange market and let market forces decide the currency’s value.

The Central Bank of Nigeria lifted restrictions at the Investors and Exporters foreign exchange window. This move ended the old system of multiple exchange rates, allowing the naira to trade more freely against the dollar and other major currencies.

During his inauguration, Tinubu said his government would unify the country’s multiple exchange-rate system, calling the existing setup a distortion that needed fixing.

The new policy caused a sharp fall in the naira’s value. It dropped from below N500 per dollar to over N1,000/$, and at times, it even crossed N1,500 per dollar.

The foreign exchange reform has sparked a lot of debate. Supporters believe it was needed to fix distortions, improve transparency in the foreign exchange market, and attract investment.

Obi’s stance shows a clear difference between keeping the floating exchange-rate system and changing the economic factors behind it.

Instead of reversing the policy, the former governor of Anambra wants to boost productivity. He believes that increasing local production and economic output will strengthen the naira’s value.

Obi has often called for a shift from a consumption-driven economy to one that focuses on production, exports, and investment.

He previously ran for president in 2023 with the Labour Party and is now aiming for the presidency in 2027 with the NDC.

The 2027 election is set to focus on economic management, inflation, exchange-rate stability, unemployment, and the rising cost of living, which are key issues for presidential candidates.