Peter Obi to Retain Tinubu's Exchange Rate Policy

Peter Obi, the presidential candidate for the National Democratic Congress (NDC), stated that he would retain the free-floating exchange rate policy implemented by Bola Tinubu's administration if he becomes president. During an appearance on Arise TV on Thursday, Obi was asked to identify one policy from Tinubu's administration that he would maintain.

He confirmed his support for the policy, stating, “Yes. One.

It’s floated in naira. I’m not going to defend it, but I’m going to put productivity to make it more valuable to the people.” The Central Bank of Nigeria (CBN) introduced a significant reform on June 14, 2023, which unified the country’s multiple foreign exchange market segments through a “willing buyer, willing seller” model.

This reform, initiated shortly after Tinubu took office, aimed to enhance the role of demand and supply in determining the naira's value while improving transparency and price discovery in the foreign exchange market.