Obi Will Strengthen Exchange Rate to N500/$1 If Elected President — Utomi

Political economist and chieftain of the Nigeria Democratic Congress (NDC), Professor Pat Utomi, has said the party’s presidential candidate, Peter Obi, plans to strengthen the naira to N500 against the dollar if elected president in 2027.

Utomi disclosed this in a post on X, describing the proposed exchange rate target as a major component of Obi’s economic agenda.

He said the plan would involve strengthening the naira from approximately N1,350 to N500 per dollar, arguing that the move would help curb inflation, reduce poverty and restore Nigerians’ purchasing power.

According to Utomi, the proposed exchange rate adjustment would be supported by investments in security, electricity and road infrastructure, alongside structural reforms aimed at improving market competitiveness.

He also projected that the proposed economic measures could significantly reduce the prices of essential commodities.

Utomi said a 50kg bag of imported rice, currently estimated at N55,000, could fall to N27,500, while a loaf of sliced bread could decline from N1,750 to N800.

He further projected that a medium-sized tuber of yam could drop from N2,400 to N1,200, while a dozen eggs could fall from N2,300 to N1,150. The price of a whole chicken, he added, could reduce from N7,000 to N3,500.

Other commodities listed in his projections include maize, plantain, garri, petrol and cement.

Utomi described the proposed appreciation of the naira as a strategy for addressing the rising cost of living and improving household welfare.

However, he did not provide a specific timeline for achieving the N500 exchange rate target or outline the monetary and fiscal measures required to sustain it.

Reacting to the proposal, Segun Showunmi, a member of the All Progressives Congress Presidential Campaign Council, criticised Utomi’s projections, describing the argument as a misunderstanding of exchange-rate economics.

Showunmi argued that exchange rates are influenced by foreign exchange supply and demand, productivity, export earnings, capital flows and confidence in the economy. He also questioned the assumption that currency appreciation would automatically halve the prices of essential commodities.

The proposed N500 exchange rate therefore remains an economic target outlined by the NDC, with its feasibility and implementation dependent on the policies and economic conditions that would support it.