Peter Obi backs naira float, reveals what he would do differently from Tinubu

Presidential candidate of the National Democratic Congress (NDC) for the 2027 general election, Peter Obi, has backed the floating of the naira, while revealing what he would do differently from President Bola Tinubu’s administration.

Obi said he would retain the policy if elected president but would focus on boosting productivity to strengthen the currency and make it more valuable to Nigerians.

The former Anambra State governor made this known during an interview on Arise TV on Thursday.

Asked to name one policy of the Tinubu administration he would retain, 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.”

Obi also cautioned Nigerians against allowing tribal sentiments to influence their decision ahead of the 2027 presidential election.

“Our election should not be driven by tribalism,” he said.

The Tinubu administration introduced the floating of the naira in June 2023 as part of its economic reforms aimed at unifying the foreign exchange market and allowing market forces to determine the currency’s value.

The policy was followed by a significant depreciation of the naira, with the currency moving from below N500/$ at the time to above N1,000 per dollar and later crossing N1,500/$ at various points.