Peter Obi, presidential candidate of the New Nigeria Development Party (NDDP), has said he would retain President Bola Tinubu’s floating exchange-rate policy if elected president in 2027.
Obi made the position known during an interview with Arise News, explaining that he would not reverse the naira’s float but would focus on improving Nigeria’s productivity and economic output to strengthen the currency.
“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,” Obi said.
The former Anambra State governor’s position is significant because the naira float has remained one of the most closely debated elements of Tinubu’s economic reform programme. The policy allows market forces to play a greater role in determining the value of the naira against major currencies, including the US dollar.
Obi’s argument suggests that he sees the exchange-rate reform as preferable to efforts to artificially maintain a particular value for the naira. Instead, he said economic policies should concentrate on boosting domestic production, exports and productivity.
The development is important for businesses, investors and households because movements in the naira-dollar exchange rate have direct consequences for import costs, inflation, investment decisions and consumers’ purchasing power.
Since the introduction of the foreign-exchange reforms in 2023, the naira has experienced substantial volatility. Supporters of the policy argue that a market-driven exchange rate can improve transparency and eliminate distortions associated with multiple exchange rates, while critics have raised concerns about its impact on inflation and living costs.
Obi’s comments come as political parties and presidential aspirants begin positioning themselves ahead of the 2027 general election. His decision to retain the naira float indicates that any alternative economic programme he may pursue would seek to modify other aspects of the current administration’s economic strategy rather than completely reverse its foreign-exchange reform.
The naira’s performance, inflation and economic productivity are expected to remain major issues in Nigeria’s political and economic debate ahead of the 2027 election.
