Floating Naira Without Going From Consumption To Production Not Workable, Says Peter Obi

Mr. Peter Obi, the presidential candidate for the Labour Party (LP), has stated that it is difficult to flog the naira without putting production first.

He revealed this in a conversation with Nigerians on Parallel Facts Space on Saturday.

His words; “You cannot float the Naira when you have not moved the country’s economy from consumption to production. You cannot float what you don’t have.”

Recall Obi, during his campaign, stated that he would abandon the multiple exchange regime and reduce the inflation rate in Nigeria.

He stated that the multiple exchange rate regime, which encourages capital flight and deters investment, has worsened the country’s forex situation.

For the record

The exchange rate between the naira and the US dollar is around N800/$1. The exchange rate depreciated by 2.56% in contrast to N780/$1 recorded at the close of trading on Monday.

Nigeria’s inflation rate accelerated to a 17-year high of 21.09% in October 2022, marking a 0.32% point increase from 20.77% recorded in September.

Nigeria’s food inflation rate has risen by 23.72% on a year-on-year basis, marking a 5.39% increase compared to the rate recorded in October 2021 (18.34%).