The presidential candidate of the Nigeria Democratic Congress (NDC) for the 2027 election, Peter Obi, has said he would retain President Bola Ahmed Tinubu’s naira float policy if elected president.
Obi, however, said his administration would seek to strengthen the currency by prioritising productivity and increasing economic output rather than reversing the floating exchange-rate framework.
The former Anambra State governor made the disclosure during an interview on Arise TV on Thursday.
Asked to identify one policy of the Tinubu administration he would keep 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.”
His position means he would maintain the floating exchange-rate system while seeking to change the economic conditions that determine the strength and value of the naira.
The policy was introduced by the Tinubu administration in June 2023 as part of wider foreign exchange reforms. The Central Bank of Nigeria removed restrictions at the Investors and Exporters foreign exchange window, allowing the naira to trade more freely against the dollar and other major currencies.
The reform effectively brought an end to the previous multiple exchange-rate system, with the government arguing that a unified market would improve transparency, eliminate distortions and support investment.
However, the naira recorded significant depreciation after the policy was introduced. The currency moved from below N500 to the dollar at the time to above N1,000/$ and later crossed N1,500 per dollar at various points.
Obi said his alternative would not be to abandon the floating system but to boost production and economic activity in a way that could improve the naira’s value to Nigerians.
The former governor has consistently promoted increased domestic production, exports and investment as part of his argument for moving Nigeria away from what he describes as a consumption-driven economy.
Beyond economic policy, Obi also cautioned against allowing ethnic considerations to determine the outcome of the 2027 presidential election.
He said, “Our election should not be driven by tribalism.”
