Peter Obi Addresses Dollar to Naira Exchange Rate, Speaks on His Plan for Forex as President

Peter Obi Addresses Dollar to Naira Exchange Rate, Speaks on His Plan for Forex as President

  • Peter Obi, a former governor and Anambra state and a frontline candidate in the 2023 presidential election has promised to improve Nigeria's economy should win at the polls
  • Obi assured citizens that his administration will work towards ensuring that the nation relies on a single foreign exchange market
  • According to Obi, transforming Nigeria is possible but the current FX market is not helping the issue

The 2023 presidential candidate of the Labour Party, Peter Obi, has assured Nigerians that his administration would ensure the use of only one foreign exchange (FX) market in Nigeria.

In a series of tweet on his personal Twitter account, Obi said should he be elected to serve as the president of Nigeria by 2023, he will ensure the country operate only a single foreign current market unlike it does currently.

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Peter Obi
Peter has assured that Nigeria will operate a single foreign exchange market once he becomes president. Photo: Atiku Abubakar
Source: UGC

The Cable reports that while the investors and exporters (I&E) window is adopted at the official foreign exchange rate market, there is a parallel section of the market, known as the black market.

Usually, there is a wide difference in the exchange rates between the official market where the naira trades at N433 to $1 and N740 to $1 at the black market.

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However, speaking on the possibility of transforming the economic situation of Nigeria, Obi said the current exchange rate regime deters investors who are worried about currency risks.

Obi assured should he be elected president in the 2023 election, his administration will eliminate restrictions around foreign exchange policy.

His words:

“As part of our monetary policy, we will seek to re-establish the independence of the CBN; and commit to a credible and transparent plan to normalise the exchange rate and bring inflation to single digits.

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“We will remove import and forex restrictions and insist on a single forex market. The current system penalises exporters who bring in forex by forcing them to sell at a rate that they are unable to source for when they need to purchase forex.

“This multiple exchange rate regime encourages capital flight and deters investment, which has further worsened Nigeria’s forex situation.”

Congratulations pour in as photos, videos show Peter Obi receiving citizenship from top US city

The Mayor of Dallas, Texas, Eric Johnson, conferred on Peter Obi the honorary citizenship of the city.

The award of citizenship was given to Obi, the 2023 presidential candidate of the Labour Party on Tuesday, October 4.

Obi also appreciated the judges present at the event and the mayor who announced that his DNA tests have confirmed he is a Nigerian.

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Peter Obi's Labour Party releases bank account details for campaign fundraising

The Labour Party released account details for its supporters and well-wishers to donate money to the campaign ahead of the 2023 general election.

The release of the account details by the party comes barely 24 hours after the official commencement of campaign activities as stipulated by the Independent National Electoral Commission (INEC).

In a simple tweet made at 10.42 pm on Thursday, September 29, the Labour Party shared an e-banner containing details of the account for the party.


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