Presidential candidate of the Nigeria Democratic Congress, Peter Obi, says he would retain President Bola Ahmed Tinubu’s liberalised foreign exchange regime if elected president in 2027.

Obi made the remarks during an interview with Arise TV on Thursday, where he defended the decision by the Tinubu administration to allow the naira to float in 2023.

The former Anambra State governor said he would not seek to artificially support the naira through government intervention, as he said was done under the administration of former President Muhammadu Buhari.

“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.

Obi has previously expressed support for another major economic reform introduced by Tinubu: the removal of the petrol subsidy.

The subsidy removal in May 2023 led to a sharp increase in petrol prices, from about N238 per litre to between N1,310 and N1,350 per litre.

Tinubu’s foreign exchange reforms also resulted in a significant depreciation of the naira. The currency fell from about N470 to the dollar before the reforms to N1,329.21 per dollar at the level cited in the report.

Obi said his approach would focus on increasing productivity and strengthening the underlying value of the naira rather than defending a particular exchange-rate level.

The 2027 presidential election is scheduled for January 16, with Obi positioning himself as a candidate who would retain some of the current administration’s market-oriented reforms while pursuing a different economic strategy.