Pat Utomi, a chieftain of the Nigeria Democratic Congress (NDC), has projected that the naira could appreciate to N500 against the dollar if Peter Obi wins the 2027 presidential election.
Utomi, a political economist, said the proposed exchange rate target was a key component of the NDC's economic agenda, which he believes would reduce inflation, tackle poverty and ease the rising cost of living.
He made the disclosure in a post on X, explaining that the proposed strengthening of the naira from about N1,350 to N500 per dollar would be supported by investments in critical infrastructure and far-reaching structural reforms.
According to him, the economic plan would prioritise security, electricity and road infrastructure, while introducing reforms to make the Nigerian economy more competitive.
Utomi argued that a stronger local currency, combined with the proposed interventions, would translate into substantial reductions in the prices of food, fuel and other essential commodities.
Giving a breakdown of the expected price changes, he said a loaf of sliced bread could sell for N800, down from N1,750, while a 50kg bag of imported rice could drop from N55,000 to N27,500.
He also projected that a medium-sized tuber of yam, currently selling for N2,400, could cost N1,200 under the proposed arrangement.
Similarly, the price of a 50kg bag of maize could fall from N75,000 to N37,500, while a bunch of plantain could decline from N2,500 to N1,250.
Other commodities listed by the economist include whole chicken, which he projected could fall 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.
Petrol and cement were also included among the products expected to experience significant price reductions.
Utomi said the exchange rate proposal was intended to provide Nigerians with tangible relief from the economic hardship caused by the rising cost of living.
“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 maintained that the proposed policy would address several economic challenges simultaneously, including inflation, declining purchasing power and widespread poverty.
“It clearly demonstrates our concrete plan to uplift the 140 million Nigerians currently experiencing multi-dimensional poverty,” Utomi said.
Despite the ambitious projection, the NDC chieftain did not provide a specific timeframe for achieving the N500-to-dollar exchange rate or explain the monetary and fiscal policy framework that would make the target attainable and sustainable.
The proposal would require a major appreciation of the naira. At the official foreign exchange market, the currency traded at N1,346.86 to the dollar on Friday, while the parallel market rate stood at approximately N1,385.
A movement from N1,346.86 to N500 would represent an appreciation of about 63 per cent against the dollar.
The exchange rate remains one of the major indicators of Nigeria's economic performance, particularly because of the country's dependence on imported raw materials, machinery, food products and other essential goods.
President Bola Tinubu's administration introduced major changes to the foreign exchange market in 2023 as part of its economic reform programme. The measures triggered a sharp depreciation of the naira, while the rising cost of imports contributed to increased prices of goods and services.
The NDC's proposal, if adopted, would therefore place exchange rate stability and improved purchasing power at the centre of Obi's economic campaign ahead of the 2027 general election.
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