Atiku Abubakar Critiques Tinubu’s Floating Exchange Rate Policy

Atiku Abubakar Critiques Tinubu’s Floating Exchange-Rate Policy

Former Vice President Atiku Abubakar has criticised President Bola Tinubu’s implementation of a floating exchange rate system, calling it an “overkill” for Nigeria’s economic landscape.

In a post shared on his X handle, Atiku outlined his perspective on foreign exchange reforms and the approaches he would have taken if he were in office.

Atiku’s comments come as a response to enquiries from Nigerians seeking clarification on his potential policy changes.

He emphasised the necessity of reforming the foreign exchange market, particularly highlighting the need to eliminate multiple exchange rate windows, which he argues have only benefitted “opportunists, rent-seekers, middlemen, arbitrageurs, and fraudsters.”

He rejected the idea of a fixed exchange rate system, stating that it would contradict the principles of fostering an open, private sector-friendly economy.

Instead, he suggested that a managed-floating exchange rate would have been a more suitable approach for Nigeria, considering the current economic conditions.

In his statement titled “On Foreign Exchange Reforms,” Atiku noted, “Adopting a floating exchange rate system would be an overkill. We would have encouraged our central bank to adopt a gradualist approach to FX management.”

His comments reflect a broader concern about the impact of currency policies on Nigeria’s economic stability and the need for strategies that promote sustainable growth while safeguarding the interests of citizens.

What We Would Have Done Differently

I’ve been inundated with inquiries of what I would have done differently if I were at the helm of affairs of our country. I am not the president, Tinubu is. The focus should be on him and not on me or any other. I believe that such inquiries…

— Atiku Abubakar (@atiku) November 3, 2024