Political economist and Nigeria Democratic Congress (NDC) chieftain, Pat Utomi, says the party’s presidential candidate, Peter Obi, would strengthen the naira to N500 per dollar if elected president in 2027.
Utomi said the proposed exchange rate target forms part of Obi’s economic agenda for the presidential campaign.
In a post on X, he explained that strengthening the naira from N1,350 to N500 per dollar would help tackle inflation, reduce poverty and boost Nigerians’ purchasing power.
He added that the proposed exchange rate adjustment would be supported by investments in security, electricity and road infrastructure, as well as structural reforms aimed at improving market competitiveness.
Utomi projected that the proposed economic measures could lead to significant reductions in the prices of essential commodities.
According to his projections, a loaf of sliced bread could fall from N1,750 to N800, while a 50kg bag of imported rice could drop from N55,000 to N27,500.
He also estimated that a medium-sized tuber of yam could decline from N2,400 to N1,200, while a 50kg bag of maize could fall from N75,000 to N37,500.
Similarly, he projected that a bunch of plantain could cost N1,250, down from N2,500, while the price of a whole chicken could reduce from N7,000 to N3,500.
He further estimated that a dozen eggs could drop from N2,300 to N1,150, while a painter of garri could decline from N1,300 to N650.
Utomi also included petrol and cement among the commodities expected to become cheaper under the proposed economic programme.
“We are convinced that targeting a strategic appreciation of the exchange rate by reasonably strengthening it from ₦1,350/$ to ₦500/$ as part of our manifesto is a winning strategy,” he said.
“It offers a direct, multi-faceted approach to curbing inflation, reducing poverty, and lowering the cost of living.”
He said the proposal reflects the party’s plan to improve living conditions across the country, particularly for Nigerians experiencing multidimensional poverty.
“It clearly demonstrates our concrete plan to uplift the 140 million Nigerians currently experiencing multi-dimensional poverty,” he said.
However, Utomi did not state when the proposed exchange rate target would be achieved or explain the monetary and fiscal policies required to sustain the projected appreciation of the naira.
As of Friday, the naira traded at N1,346.86 per dollar on the official Nigerian Foreign Exchange Market (NFEM), while the dollar sold for approximately N1,385 on the parallel market.
At the official market rate, achieving the proposed N500-per-dollar target would require the naira to appreciate by about 63 per cent.
President Bola Tinubu of the All Progressives Congress (APC) introduced a series of economic reforms in 2023, following which the naira depreciated and the prices of goods and services increased.