Peter Obi, presidential candidate of the National Democratic Congress (NDC), says he will retain the floating exchange rate regime introduced by President Bola Tinubu if elected president in 2027, but will focus on boosting productivity to strengthen the naira.
Obi made the disclosure on Thursday during an interview on Arise TV, when asked to identify one policy of the Tinubu administration he would retain if elected.
“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,” he said.
The Central Bank of Nigeria (CBN) introduced the “willing buyer, willing seller” model on June 14, 2023, in a major foreign exchange reform that unified the country’s multiple FX market segments.
The reform, introduced shortly after Tinubu assumed office, was designed to give demand and supply a greater role in determining the value of the naira while improving transparency and price discovery in the foreign exchange market.
