Home » Peter Obi: Adequate Supply Essential for Floating Currency

Peter Obi: Adequate Supply Essential for Floating Currency

by Adenike Adeodun

Former Anambra State governor and 2023 Labour Party presidential candidate Peter Obi criticized President Bola Tinubu’s administration for floating the naira without considering the supply-side implications. He voiced his concerns during an appearance on ARISE News Channel’s “The Morning Show.”

Obi believes the policy has hurt everyday citizens and damaged the economy. If he had the presidency, he would have devalued the currency, borrowed to stabilize it, and taken measures to increase foreign capital inflow, such as promoting exports.

According to a report by This Day Live, he expressed dismay over the N35,000 approved for federal workers after the removal of the petrol subsidy. He deemed it “limited thinking,” leading to “limited outcomes.”

The former governor stated that the naira’s value should not be left entirely to market forces. He urged the Central Bank of Nigeria’s team to reevaluate the monetary policy.

Obi emphasized the importance of controlling exchange rates by managing reserves, which depend on exports. He insisted on promoting exports and effectively using current resources rather than yielding to market dynamics.

He shared his disapproval of the method the current administration used to remove the petrol subsidy. He views the subsidy removal as an organized crime due to the corrupt and non-factual demand.

In his words, “Proper palliatives, well-structured, would have seen Nigerians support the initiative.”

Peter Obi maintains that Nigeria’s challenges stem from its leadership. He believes in leadership built on character, competence, capacity, and integrity. While he voiced concerns about the current administration’s legitimacy, he remained open to collaboration if the process proved genuine.

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