The National Democratic Congress (NDC) presidential candidate, Peter Obi has stated that he plans on retaining the free floating exchange rate policy of the Bola Tinubu administration if elected president.
A free-floating exchange rate occurs when a government allows the exchange rate to be determined purely by market forces and there is no attempt to ask the central bank to influence the external value of the exchange rate.
NEWSNGR reports that Obi spoke during an appearance on Arise TV on Thursday.
He was asked to name one policy of the Tinubu administration he would keep if he became president.
Replying, he said, “Yes. One. 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.”
The Central Bank of Nigeria (CBN) introduced a “willing buyer, willing seller” model on June 14, 2023, in a major reform that unified the country’s multiple foreign exchange market segments.
The reform, introduced shortly after Tinubu assumed office, was aimed at allowing demand and supply to play a greater role in determining the value of the naira, while improving transparency and price discovery in the foreign exchange market.
Meanwhile, Obi, has claimed that the Independent National Electoral Commission (INEC) Chairman, Mahmood Yakubu, worked for his political opposition in the 2023 election.
NEWSNGR reports that Obi made the allegation in an interview with Arise News.
He said Nigerians believed in INEC in 2023 and took the electoral process for granted, but stated that the situation would not repeat itself in 2027.
According to Obi, Yakubu had assured Nigerians and the international community that INEC would conduct the election fairly, but he alleged that the commission chairman was, in fact, working for the opposition.
“In 2023, we took things for granted. We believed INEC. We believed what they said they would do
“The INEC Chairman convinced the world that he would do the right thing, when, in fact, he was working for the opposition.
“This time, we will only trust them by doing the right thing ourselves,” Obi said.
