Kenneth Okonkwo, spokesperson for the Atiku Abubakar presidential campaign council, says Atiku will scrap the Bola Tinubu administration’s floating exchange-rate policy if elected president in 2027.

Speaking on AIT’s Democracy Today, Okonkwo criticised the decision to allow market forces to largely determine the value of the naira, arguing that governments must actively defend their currencies.

He said leaving the naira to market forces was irresponsible and blamed the policy for the currency’s sharp depreciation.

Okonkwo argued that a stronger naira depends on increasing exports over imports, while accusing the Tinubu administration of encouraging imports through measures such as a N34 billion import waiver.

However, when told that recent National Bureau of Statistics data showed Nigeria’s exports had exceeded imports, he dismissed the development as insufficient, saying Nigerians were still struggling with high living costs.

Atiku’s position differs from that of Peter Obi, who has said he would retain the floating exchange-rate policy if elected. Obi said he would focus on boosting productivity rather than directly defending the naira.

The Central Bank of Nigeria introduced the “willing buyer, willing seller” foreign-exchange model in June 2023 as part of reforms aimed at unifying the country’s multiple exchange-rate windows, improving transparency and allowing market forces to play a greater role in determining the naira’s value.