Political economist and chieftain of the Nigeria Democratic Congress (NDC), Pat Utomi, says the party’s presidential candidate, Peter Obi, plans to strengthen the naira to N500 per dollar if elected in 2027.
In a post on X, Utomi stated that strengthening the exchange rate from its current level of about N1,350 to N500 per dollar serves as a central strategy to curb inflation, alleviate poverty, and restore purchasing power for everyday citizens.
“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,” Utomi wrote.
“It offers a direct, multi-faceted approach to curbing inflation, reducing poverty, and lowering the cost of living.”
Utomi outlined specific commodity price reductions projected under the proposed exchange rate adjustment. He estimated that a loaf of sliced bread selling for N1,750 could fall to N800, while a 50kg bag of imported rice could drop from N55,000 to N27,500.
Additionally, a medium-sized tuber of yam would decline from N2,400 to N1,200, a 50kg bag of maize from N75,000 to N37,500, a bunch of plantain from N2,500 to N1,250, a whole chicken from N7,000 to N3,500, a dozen eggs from N2,300 to N1,150, and a painter of garri from N1,300 to N650.
He emphasized that the economic framework reflects the party’s commitment to delivering practical relief to vulnerable households across the country.
“It clearly demonstrates our concrete plan to uplift the 140 million Nigerians currently experiencing multi-dimensional poverty,” he added.
