Pat Utomi, a political economist and chieftain of the Nigeria Democratic Congress (NDC), says the party’s presidential candidate, Peter Obi, will strengthen the naira to N500 against the dollar if elected president in 2027.
Utomi said the proposed exchange rate target forms a key part of Obi’s economic agenda, which he believes would reduce inflation, tackle poverty and improve Nigerians’ purchasing power.
In a post on X, Utomi explained that the plan to strengthen the naira from its current level of about N1,350 to N500 per dollar would be supported by investments in security, electricity and road infrastructure, as well as structural reforms to enhance market competitiveness.
He projected that implementing the proposed economic measures would lead to significant reductions in the prices of essential commodities.
According to him, a loaf of sliced bread currently selling for N1,750 could fall to N800, while a 50kg bag of imported rice could drop from N55,000 to N27,500.
He also projected that a medium-sized tuber of yam would decline from N2,400 to N1,200, while a 50kg bag of maize could fall from N75,000 to N37,500.
Other projected price reductions include plantain, from N2,500 to N1,250 per bunch; whole chicken, from N7,000 to N3,500; and a dozen eggs, from N2,300 to N1,150.
Utomi further estimated that a painter of garri could drop from N1,300 to N650, while petrol and cement would also 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.
He added that the proposal offered a direct approach to tackling inflation, reducing poverty and lowering the cost of living, particularly for the estimated 140 million Nigerians experiencing multidimensional poverty.
However, Utomi did not provide a timeline for achieving the exchange rate target or explain the specific monetary and fiscal policies that would be required to sustain such a significant appreciation of the naira.
As of Friday, the naira traded at N1,346.86 to the dollar at the official Nigerian Foreign Exchange Market (NFEM), while the parallel market rate stood at approximately N1,385.
Achieving the proposed N500 exchange rate would therefore require the naira to appreciate by about 63 per cent against the dollar at the official market rate.
The proposal comes amid continuing debate over the impact of President Bola Tinubu’s economic reforms, particularly the removal of petrol subsidy and the unification of the foreign exchange market in 2023.
While the reforms have sought to address longstanding structural distortions in the economy, they have also contributed to increased living costs and pressure on household purchasing power.