Peter Obi to Retain Tinubu's Naira Policy if Elected

Peter Obi, the presidential candidate of the National Democratic Congress (NDC), announced during an Arise TV interview that he would retain President Bola Tinubu's naira float policy if he wins the 2027 presidential election. Obi clarified that while he would not defend the policy, he intends to enhance productivity to increase the naira's value for ordinary Nigerians.

He criticized the previous economic focus on consumption and advocated for a shift towards production, exports, and investment. The naira float policy was implemented by the Tinubu administration in June 2023, following the removal of restrictions at the Investors and Exporters foreign exchange window.

This policy allowed the naira to trade freely against major currencies, resulting in a significant depreciation from below N500 to over N1,500 per dollar. Obi's comments reflect the ongoing debate surrounding the policy's impact on purchasing power and economic stability as the 2027 election approaches, which is expected to focus on economic issues.