Presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, says he will retain President Bola Tinubu’s floating exchange-rate policy if elected in 2027, but will focus on increasing production to strengthen the naira.
Mr Obi said this in an interview with Arise TV on Thursday.
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Asked to identify one policy of the Tinubu administration he would retain, the former Anambra State governor said the floating of the naira was one of them.
“There’s one: the floating of the naira. I’m not going to defend it. But I’m going to put productivity to work to make it more valuable to the people,” he said.
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The former governor has previously said he would have floated the naira but in a more organised manner, arguing that currency devaluation or a float works better when supported by increased domestic production.
In a June 2025 interview, Mr Obi said there was “nothing wrong” with floating or devaluing the naira, but warned that doing so in an economy with low productivity could worsen economic pressures.
He said his administration would prioritise agriculture, manufacturing and other productive sectors to increase Nigeria’s output and make its exports more competitive.
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The Central Bank of Nigeria introduced the foreign exchange reforms shortly after Mr Tinubu assumed office in 2023, allowing market forces to determine the value of the naira and ending the previous multiple exchange-rate regime.
The reform led to a sharp depreciation of the naira and has been blamed by critics for contributing to higher prices and worsening living costs. Supporters of the policy have argued that it removed distortions in the foreign exchange market and created a more transparent system.
Obi warns against ethnic politics
Mr Obi also warned against allowing ethnicity to determine the outcome of the 2027 presidential election.
“Our election should not be driven by tribalism,” he said.
The warning comes as political parties and their candidates intensify preparations for the 2027 election, with ethnic and regional considerations increasingly featuring in political debates.
Mr Obi, who contested the 2023 presidential election on the platform of the Labour Party, is now the NDC’s candidate.
His comments also come amid renewed discussions about opposition cooperation ahead of the election. He recently appeared at the launch of Oyo State Governor Seyi Makinde’s presidential campaign office and described Mr Makinde as qualified to lead Nigeria.
In his Thursday interview, Mr Obi also argued that Nigeria’s problems could be addressed through purposeful leadership, institutional reforms and investment in critical sectors.
He identified national unity, security, justice and the rule of law among his priorities, while also promising to tackle corruption and improve healthcare, education and poverty reduction if elected.
Mr Obi’s latest position on the naira float is consistent with his earlier argument that the problem was not necessarily the decision to allow the currency to find its market value, but the absence of sufficient production to support the economy.
In his 2025 ARISE News interview, he said Nigeria needed to increase production in agriculture and manufacturing and implement economic reforms in an organised manner.
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