Peter Obi has defended the liberalisation of Nigeria’s foreign exchange market, saying he would retain the policy if elected president in 2027.
Peter Obi made the statement during an interview with Arise TV on Thursday, where he discussed his position on the naira and the country’s foreign exchange system.
The former presidential candidate said he supported the decision by President Bola Tinubu’s administration to float the naira in 2023.
Under the policy, the Central Bank of Nigeria allowed market forces to play a greater role in determining the value of the naira against major foreign currencies.
Obi said his approach would differ from the method used under former President Muhammadu Buhari.
He explained that he would not attempt to defend the naira in the same way the Buhari administration did.
The former Anambra State governor argued that Nigeria needs a foreign exchange system that reflects economic realities rather than one that relies heavily on government intervention.
However, the naira float has remained a major issue in Nigeria because of its impact on prices, businesses and household incomes.
Since the policy took effect, the naira has faced significant pressure against the dollar. The weaker currency has also contributed to higher import costs.
For businesses that depend on imported goods and raw materials, movements in the exchange rate can quickly affect operating costs.
Meanwhile, consumers have also felt the impact through higher prices for goods and services.
Peter Obi’s position suggests that he would maintain the market-based foreign exchange policy but seek a different approach to managing its wider economic effects.
His comments are likely to fuel further debate about how presidential candidates would manage the naira, inflation and Nigeria’s wider economy ahead of the 2027 election.
The foreign exchange market is expected to remain a major campaign issue as political parties and candidates present their economic plans to voters.
