Pat Utomi, a chieftain of the Nigeria Democratic Congress (NDC), has said the party’s presidential candidate, Peter Obi, plans to strengthen the naira to N500 against the dollar if elected president in 2027.
Prof Utomi, a political economist, described the proposed exchange rate target as a central component of the NDC’s economic agenda, arguing that a stronger naira would help reduce inflation, tackle poverty and improve the purchasing power of Nigerians.
In a post on his X account, he said the proposed appreciation of the naira from its current level of about N1,350 to N500 per dollar would be accompanied by investments in security, electricity and road infrastructure, as well as structural reforms to improve the competitiveness of the economy.
He projected that the proposed measures would trigger substantial reductions in the prices of food, fuel and other essential commodities.
Under the plan, Utomi said a loaf of sliced bread currently selling for N1,750 could cost N800, while a 50kg bag of imported rice would decline from N55,000 to N27,500.
He also projected that a medium-sized tuber of yam would drop from N2,400 to N1,200, while a 50kg bag of maize could fall from N75,000 to N37,500.
Similarly, the price of a bunch of plantain could decline from N2,500 to N1,250, while whole chicken would fall from N7,000 to N3,500.
Other projected reductions include a dozen eggs, from N2,300 to N1,150, and a painter of garri, from N1,300 to N650.
Utomi added that 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 argued that the proposal would provide a direct approach to tackling inflation, reducing poverty and easing the cost-of-living crisis facing millions of Nigerians.
According to him, the programme demonstrates the party’s commitment to improving the welfare of the estimated 140 million Nigerians experiencing multidimensional poverty.
However, Utomi did not disclose how long it would take to achieve the proposed exchange rate or explain the specific monetary and fiscal policies that would sustain such an appreciation of the naira.
As of Friday, the naira exchanged at N1,346.86 per dollar at the official Nigerian Foreign Exchange Market (NFEM), while the parallel market rate stood at approximately N1,385.
At the official rate, achieving the N500 target would require an appreciation of about 63 per cent against the dollar.
The proposal comes against the backdrop of continuing debate over the economic reforms introduced by President Bola Tinubu in 2023, particularly the removal of petrol subsidy and the unification of the foreign exchange market.
Although the reforms were designed to address structural weaknesses and stabilise the economy, they have also been accompanied by sharp increases in the prices of goods and services.