Peter Obi Keeps Tinubu’s Naira Float, Promises to Make the Currency “Work” for Nigerians

Peter Obi, presidential candidate of the Nigeria Democratic Congress (NDC) for the 2027 election, has delivered an intriguing economic promise: if elected, he would retain President Bola Tinubu’s floating naira policy but try to make the currency stronger by increasing productivity. In an interview on Arise TV, Obi said he would not defend the policy itself but would concentrate on producing more value in the economy.

The statement has produced an unusual political twist: an opposition candidate is not promising to throw away one of the current administration’s most controversial economic reforms, but instead to change the economic conditions surrounding it. In Nigerian political language, that may be the closest thing yet to saying, “I will keep the steering wheel, but I intend to drive differently.”

Obi Says the Naira Does Not Need a Political Bodyguard

The Tinubu administration moved toward a unified, market-driven foreign-exchange framework in June 2023, when the Central Bank of Nigeria introduced a “willing buyer, willing seller” model and consolidated previously segmented foreign-exchange arrangements. The CBN says the reform was designed to improve price discovery, transparency, market efficiency and investor confidence.

But the reform also came with painful consequences for Nigerians, as the naira experienced substantial depreciation and the country faced intense debates over inflation, purchasing power and the rising cost of living. Obi’s argument is that simply defending the naira with government resources is not enough; the economy must produce more goods and services capable of generating real value. The satirical irony, therefore, is that the presidential hopeful appears ready to keep the controversial “float” while promising to teach the economy how to swim.

From “Defend the Naira” to “Produce Your Way Out”

Obi’s proposal places productivity at the centre of his economic message. Rather than reversing the floating exchange-rate framework, he says his administration would increase production and economic output so that the naira could become more valuable through a stronger underlying economy.

The bigger political message may be even more significant. Obi also warned Nigerians against allowing tribal considerations to determine their choices in 2027, saying elections should not be driven by tribalism. With the campaign season already underway and economic management expected to be a major electoral battleground, his position sets up an interesting contest over whether Nigeria should reverse reforms, retain them or retain the framework while changing the results.

For now, Obi has effectively told Nigerians that the naira float may survive a change of government—but its economic environment could be given a different treatment. Whether increased productivity can deliver the stronger currency Nigerians desperately want will become one of the most closely watched questions of the 2027 campaign. Keep watching OGM News NG for further updates as the political and economic battle over the naira continues.