Utomi: Obi Will Strengthen Naira to N500/$1 If Elected President

Faridah Abdulkadiri

Political economist and Nigeria Democratic Congress (NDC) chieftain, Prof. Pat Utomi, has said the party’s presidential candidate, Peter Obi, will 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 2027 presidential campaign.

In a post on X, the political economist said strengthening the naira from N1,350 to N500 per dollar would help curb inflation, reduce poverty and improve the purchasing power of Nigerians.

He said the proposed exchange rate adjustment would be complemented by investments in security, electricity and road infrastructure, alongside structural reforms to improve market competitiveness.

Utomi projected that the measures could significantly reduce the prices of essential commodities, easing the financial burden on households.

According to his projections, a loaf of sliced bread currently selling for N1,750 could drop to N800, while a 50kg bag of imported rice could decline from N55,000 to N27,500.

He also projected that a medium-sized tuber of yam would fall from N2,400 to N1,200, while a 50kg bag of maize could drop from N75,000 to N37,500.

The political economist said a bunch of plantain could decline from N2,500 to N1,250, while the price of whole chicken could fall from N7,000 to N3,500.

He further projected that a dozen eggs would drop from N2,300 to N1,150 and a paint of garri from N1,300 to N650.

Utomi also listed 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 N1,350/$ to N500/$ 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 demonstrated the party’s plan to improve the living conditions of Nigerians, particularly those experiencing multi-dimensional poverty.

“It clearly demonstrates our concrete plan to uplift the 140 million Nigerians currently experiencing multidimensional poverty,” he said.

However, Utomi did not specify the timeline for achieving the proposed exchange rate target or outline the monetary and fiscal measures required to sustain the projected appreciation of the naira.

As of yesterday, the naira was trading at N1,346.86 per dollar at the official Nigerian Foreign Exchange Market (NFEM), while the dollar sold for about N1,385 in the parallel market.

At the official market rate, achieving the proposed N500 exchange rate would require the naira to appreciate by approximately 63 per cent against the dollar.

President Bola Tinubu of the All Progressives Congress (APC) implemented a series of economic reforms in 2023, including changes to the foreign exchange system, which contributed to the naira’s depreciation.

The weakening currency subsequently increased the cost of imported goods and services, contributing to rising prices and pressure on household purchasing power.