Former Vice President Atiku Abubakar has described President Bola Tinubu’s floating exchange rate system as excessive.

Atiku stated this on Sunday while enumerating things he would have done differently if he was Nigeria’s president.

Atiku said the explanation became necessary because Nigerians asked him to explain what he would have done differently if he had been president.

In a post on X’s handle on Sunday, the former Peoples Democratic Party, PDP, presidential candidate in the last general election suggested that a managed float system would have been a preferred option.

In a lengthy statement titled “CONCERNING FOREIGN EXCHANGE REFORMS”, Atiku said: “I have also made a commitment to reform the functioning of the foreign exchange market. Specifically, there was a commitment to eliminate several exchange rate windows. The system only served to enrich opportunists, rent seekers, middlemen, arbitrators and frauds.

“What would I have done?

“A fixed exchange rate system was ruled out because it would not be in line with our philosophy of running an open, private-sector-friendly economy. On the other hand, given Nigeria’s underlying economic conditions, adopting a floating exchange rate system would be overkill. We would have encouraged our Central Bank to adopt a gradual approach to currency management. A floating managed system would have been a preferred option.”