Atiku to Scrap Tinubu's Exchange-Rate Policy if Elected

Kenneth Okonkwo, spokesperson for Atiku Abubakar's presidential campaign council, stated on September 14, during an appearance on AIT's Democracy Today, that if Atiku is elected president in 2027, he would eliminate President Bola Tinubu’s floating exchange-rate policy. Okonkwo criticized the federal government's decision to allow market forces to dictate the naira's value, arguing that it is irresponsible to leave currency valuation entirely to market dynamics.

He emphasized that protecting the naira's value should be a fundamental aspect of Nigeria's macroeconomic policy. Okonkwo referenced a time when the naira traded at nearly N2,000 to a dollar and questioned the government's delay in intervening to support the currency.

He linked the naira's strength to Nigeria's export capacity and criticized policies that promote imports. Despite recent data showing Nigeria's exports exceeding imports, Okonkwo dismissed this as inadequate evidence of economic progress.

Atiku's stance contrasts with Peter Obi, who plans to retain the floating exchange-rate policy if elected.