Obi Pledges to Retain Tinubu FX Policy, Boost Productivity

Peter Obi, the presidential candidate of the Nigeria Democratic Congress (NDC), has stated he would retain President Bola Tinubu's foreign exchange liberalisation and fuel subsidy removal policies if elected in 2027, while pledging to shift the economic focus toward boosting domestic productivity. Speaking in an interview on Arise TV, Obi confirmed his support for the naira float policy introduced in June 2023, which ended the previous multiple exchange rate system. "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," Obi said, outlining a strategy to strengthen the currency through increased economic output rather than central bank interventions. The Tinubu administration's 2023 reforms, which included the unification of the foreign exchange market and the removal of fuel subsidies, led to significant currency depreciation. The naira moved from approximately N470 per dollar to over N1,000 and later crossed N1,500 at various points. Fuel prices also rose from around N238 per litre to between N1,310 and N1,350.