Peter Obi, presidential candidate of the Nigeria Democratic Congress (NDC), has said he would retain President Bola Tinubu’s floating exchange-rate policy if elected president in 2027.
Obi made the disclosure during an interview with Arise TV on Thursday, September 10, while responding to a question on which policy of the Tinubu administration he would preserve.
The former Anambra State governor identified the floating of the naira as one reform he would not reverse, but said his administration would focus on increasing productivity rather than attempting to artificially defend the currency.
“There’s one: the floating of the naira. I’m not going to defend it. But I’m going to put productivity to work to make it more valuable to the people,” Obi said.
The comments are significant because the naira float remains one of the most debated aspects of Tinubu’s economic reforms. Introduced in June 2023, the foreign exchange reforms allowed market forces to play a greater role in determining the value of the naira and effectively ended the previous multiple exchange-rate system.
The reform was followed by a substantial depreciation of the naira, while critics have linked the resulting currency weakness to higher prices and increased living costs. Supporters, however, argue that the policy removed distortions and improved transparency in the foreign exchange market.
Obi’s position suggests that, rather than reversing the forex reform, he would seek to address the underlying economic factors affecting the naira by increasing domestic production, particularly in productive sectors.
The former governor has previously advocated a more liberalised and transparent foreign exchange market, alongside measures to boost agriculture, manufacturing and exports.
His latest comments come as political parties and candidates begin positioning themselves ahead of Nigeria’s 2027 presidential election.
