A political economist and chieftain of the Nigeria Democratic Congress (NDC), Prof. Pat Utomi, has said Peter Obi, the party’s presidential candidate, could strengthen the Naira to N500 per dollar if elected president in 2027, with projected reductions in the prices of food and other essential commodities.
Utomi said the exchange rate target formed part of the party’s proposed economic agenda, which he believes would help curb inflation, reduce poverty and improve Nigerians’ purchasing power.
In a post on X, he said the proposed appreciation of the naira would be supported by investments in security, electricity and road infrastructure, alongside structural reforms to improve market competitiveness.
Utomi said the exchange rate target formed part of the party’s proposed economic agenda, which he believes would help curb inflation, reduce poverty and improve Nigerians’ purchasing power.
In a post on X, he said the proposed appreciation of the naira would be supported by investments in security, electricity and road infrastructure, alongside structural reforms to improve market competitiveness.
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.
The proposed price reductions extend to other household staples. Utomi estimated that a bunch of plantain could drop from N2,500 to N1,250, while whole chicken could fall from N7,000 to N3,500.
He further projected that the price of a dozen eggs would decline from N2,300 to N1,150, while a painter of garri could fall from N1,300 to N650.
He also listed petrol and cement among the commodities expected to become cheaper under the proposed economic programme but did not provide specific price targets for them.
Utomi said the proposal demonstrated the party’s intention to improve the living conditions of Nigerians, particularly those facing severe economic hardship.
“It clearly demonstrates our concrete plan to uplift the 140 million Nigerians currently experiencing multi-dimensional poverty,” he said.
However, Utomi did not specify a timeline for achieving the proposed exchange rate or outline the monetary and fiscal measures required to sustain the naira at ₦500 per dollar.
As of Friday, the naira traded at ₦1,346.86 per dollar at the official Nigerian Foreign Exchange Market (NFEM), while the dollar sold for about ₦1,385 in the parallel market, according to figures cited in the report.
At the official market rate, the proposed ₦500 target would require the naira to appreciate by approximately 63 per cent.
The proposal comes amid continuing debate over the economic impact of the foreign exchange reforms introduced by President Bola Tinubu’s administration in 2023.
The subsequent depreciation of the naira contributed to higher import costs and increased pressure on household budgets.
Although a stronger naira could reduce the local cost of imported goods and some production inputs, the extent to which such gains would translate into lower retail prices would depend on factors including supply costs, transport, energy, market competition and businesses’ pricing decisions.