Former Vice President Atiku Abubakar has expressed his disapproval of President Bola Tinubu’s floating exchange rate policy, labeling it as excessive.
Atiku made these remarks on Sunday while responding to inquiries from Nigerians regarding the alternative measures he would have implemented had he been in the presidential position.
In a post shared on his X account, the former presidential candidate for the Peoples Democratic Party (PDP) in the recent elections proposed that a managed-floating exchange rate system would have been a more suitable approach.
In a detailed statement titled “On Foreign Exchange Reforms,” Atiku outlined his commitment to reforming the foreign exchange market. He emphasized the need to eliminate the multiple exchange rate windows, which he believes primarily benefit opportunists, middlemen, and fraudsters.
“What would I have done differently?” he questioned.
Atiku dismissed the idea of a fixed exchange rate, stating that it would contradict the goal of fostering an open and private sector-friendly economy. However, he argued that given Nigeria’s current economic conditions, the floating exchange rate system is an overreaction.
He advocated for a more measured approach, suggesting that the Central Bank should adopt a gradual method for managing foreign exchange, with a managed-floating system as the preferred alternative.
