The Presidency has rejected Atiku Abubakar’s suggestion of a controlled floatation of the naira, stating that it would resemble the policy of the former Governor of the Central Bank of Nigeria, Godwin Emefiele. Special Adviser Bayo Onanuga argued that this approach, which involved spending about $1.5 billion monthly to support the naira, contributed to financial malpractices and economic challenges. The Presidency emphasized that President Tinubu’s economic reforms aim to stabilize the naira and increase investors’ confidence, citing a 66.27% increase in capital inflow during Q4 2023.
