2027: I’ll retain Naira float policy — Obi

The presidential candidate of the Nigeria Democratic Congress, NDC, Peter Obi, has said he would retain the floating exchange-rate policy introduced by President Bola Tinubu if elected president in 2027, while prioritising increased domestic production to strengthen the naira.

Obi stated this during an interview on Arise News on Thursday, where he identified the naira float as one policy of the Tinubu administration he would retain.

He 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.”

The former Anambra State governor said his approach would be to complement the floating exchange-rate framework with policies aimed at increasing domestic production and economic output.

The Tinubu administration introduced foreign exchange reforms in June 2023 as part of efforts to unify the foreign exchange market and allow market forces to play a greater role in determining the value of the naira.

The Central Bank of Nigeria subsequently removed restrictions at the Investors and Exporters foreign exchange window, effectively ending the previous multiple exchange-rate regime.

The reforms were followed by a significant depreciation of the naira, which moved from below N500 to the dollar around the beginning of the administration to above N1,000/$ and later crossed N1,500/$ at various points.

The policy has remained a subject of debate, with proponents arguing that it was necessary to address distortions in the foreign exchange market, while critics have raised concerns about its impact on inflation and the cost of living.

Asked whether he believed President Tinubu was in charge of his administration, Obi said: “No, no, no. At times, I believe he’s not in charge.”

Explaining his position, Obi said the President’s approach to governance had raised questions about responsibility for decisions and actions within the administration.

“Because if he’s in charge, he won’t be explaining to the people. That’s what I’m talking about, capacity. I will be in charge,” he said.

Obi contrasted this with his own approach to leadership, saying he would personally take responsibility for decisions made under his administration.

“Nobody will talk for Peter. Because I’m the one that’s elected… I’ll be answerable to the people. And for every penny, I’ll be answerable to the people,” he said.

The former governor said his administration would prioritise direct responsibility and accountability, insisting that an elected president should remain answerable to Nigerians for the affairs of government.