Political economist, Pat Utomi, has said the presidential campaign of Peter Obi and the Nigeria Democratic Congress (NDC) is proposing to strengthen the naira to ₦500 against the dollar if elected in 2027.
Utomi disclosed this in a post on X, explaining that the exchange-rate target forms part of the party’s economic blueprint aimed at tackling inflation, reducing poverty and restoring Nigerians’ purchasing power.
According to him, the proposed naira appreciation would be supported by investments in security, electricity and road infrastructure, as well as structural reforms designed to make the economy more competitive.
He projected that the plan could trigger significant reductions in the prices of essential commodities.
Under the proposed programme, a loaf of sliced bread currently selling for about ₦1,750 could fall to ₦800, while a 50kg bag of imported rice could drop from ₦55,000 to ₦27,500.
A medium-sized yam, he said, could reduce from ₦2,400 to ₦1,200, while a 50kg bag of maize could decline from ₦75,000 to ₦37,500. Plantain could fall from ₦2,500 to ₦1,250, while a whole chicken could drop from ₦7,000 to ₦3,500.
Utomi also projected that a dozen eggs could sell for ₦1,150 instead of ₦2,300, while a painter of garri could drop from ₦1,300 to ₦650. He added that petrol and cement would also become cheaper.
“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.
“It offers a direct, multi-faceted approach to curbing inflation, reducing poverty, and lowering the cost of living.”
Utomi added that the proposal represents the party’s “concrete plan to uplift the 140 million Nigerians currently experiencing multi-dimensional poverty.”
He did not state when the ₦500/$ target would be achieved or provide details of the monetary and fiscal measures required to sustain such an appreciation.
