Pat Utomi, political economist and chieftain of the Nigeria Democratic Congress (NDC), says the party’s presidential candidate, Peter Obi, will strengthen the naira to N500 per dollar if elected president in 2027.

Utomi said the exchange rate target forms part of Obi’s proposed economic agenda, which he believes would reduce inflation, tackle poverty and improve Nigerians’ purchasing power.

In a post on X, he said the plan would involve strengthening the naira from N1,350 to N500 per dollar, alongside investments in security, electricity and road infrastructure, as well as structural reforms to improve market competitiveness.

Utomi projected that the proposed measures would significantly reduce the prices of essential commodities.

He said a loaf of sliced bread could drop from N1,750 to N800, while a 50kg bag of imported rice could fall from N55,000 to N27,500.

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 drop from N75,000 to N37,500.

According to him, a bunch of plantain could fall from N2,500 to N1,250, while whole chicken could decline 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. Petrol and cement were also among the commodities he expects to become cheaper under the proposed 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.

“It offers a direct, multi-faceted approach to curbing inflation, reducing poverty, and lowering the cost of living.”

Utomi said the proposal reflected the party’s plan to improve living conditions, particularly for Nigerians experiencing multidimensional poverty.

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

However, he did not provide a timeline for achieving the proposed exchange rate target or explain the monetary and fiscal measures required to sustain the naira’s projected appreciation.

As of Friday, the naira traded 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 rate, achieving the proposed N500 target would require the naira to appreciate by approximately 63 per cent against the dollar.

President Bola Tinubu’s administration introduced a series of foreign exchange reforms in 2023, following which the naira depreciated and the prices of goods and services increased.