2027: Obi Backs Floating Naira, Says Productivity Will Strengthen Currency

By Opeyemi Adelakun

Presidential candidate of the Nigeria Democratic Congress, Peter Obi, has said he will retain the floating of the naira if elected President in the 2027 general election.

Obi explained that his administration would not seek to artificially defend the value of the currency but would instead pursue policies aimed at improving productivity and strengthening the economy.

The former Anambra State governor disclosed this in an interview with Arise TV on Thursday while discussing some of the economic policies introduced by the administration of President Bola Ahmed Tinubu.

Obi said he supported the liberalisation of the foreign exchange market and would not reverse the policy if given the mandate to lead the country.

“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 NDC candidate contrasted his proposed approach with the previous policy of defending the naira under former President Muhammadu Buhari.

According to him, rather than committing resources to artificially supporting the currency, government should create an environment that increases production and economic value.

Obi has also previously expressed support for Tinubu’s decision to remove the petrol subsidy, another major economic reform introduced in 2023.

The subsidy removal triggered a steep rise in petrol prices, with the pump price moving from about N238 per litre in May 2023 to between N1,310 and N1,350 per litre at the time referenced in the report.

Tinubu’s foreign exchange reforms, meanwhile, led to a significant depreciation of the naira after the government liberalised the forex market.

The currency moved from about N470 to the dollar to N1,329.21 per dollar following the reforms.

Obi’s position means that, despite his opposition to some aspects of the Tinubu administration, he would retain two of its major economic reforms if elected, while seeking to achieve different outcomes through increased productivity and economic management.

The former Anambra governor is among the politicians expected to contest the 2027 presidential election.