11, September 2026
The presidential candidate of the Nigeria Democratic Congress, NDC, Mr. Peter Obi, has said he will retain the naira float policy introduced by President Bola Tinubu if elected president in 2027, but will adopt a different approach centred on productivity to shore up the value of the local currency.
Obi stated this on Thursday during an interview on ARISE News when he was asked to name one policy of the Tinubu administration he would keep if he wins the next presidential election.
Responding to the question, Obi said, “There is 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 statement indicates that Obi intends to keep the floating exchange-rate framework introduced by the current administration, rather than reverting to the previous system of multiple exchange rates determined administratively.
He however noted that his administration would shift emphasis to boosting domestic production and overall economic output as a means of strengthening the naira.
The Tinubu administration introduced the foreign exchange reform in June 2023 as part of efforts to unify the foreign exchange market and allow market forces to determine the value of the naira. Following the policy, the Central Bank of Nigeria removed restrictions at the Investors and Exporters window, effectively abolishing the multiple exchange-rate regime.
Since the reform, the naira has experienced significant depreciation, moving from below N500 to the dollar at the start of the administration to above N1,000 per dollar, and later crossing N1,500 per dollar at different times.
The float policy has remained one of the most contentious economic decisions of the Tinubu administration.
Supporters argue that it was necessary to eliminate distortions and enthrone transparency in the foreign exchange market, while critics have continued to highlight its effect on inflation and the cost of living.
