Peter Obi gov’t will crash Naira to N500 Per Dollar if elected — Pat Utomi

Political economist and chieftain of the Nigeria Democratic Congress (NDC), Pat Utomi, has said the party’s presidential candidate, Peter Obi, plans to strengthen the naira to N500 per dollar if elected president in the 2027 general elections.

Utomi disclosed this in a post on X on Thursday, explaining that the proposed exchange rate target would form part of the party’s manifesto.

He said the plan to appreciate the naira from its current level of about N1,350 to N500 per dollar was intended to tackle inflation, reduce poverty, lower the cost of living and improve Nigerians’ purchasing power.

“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 wrote.

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

Utomi also presented projected price reductions for several food items, arguing that a stronger naira would make essential commodities more affordable.

According to his projections, a loaf of sliced bread currently selling for N1,750 could drop to N800, while a 50kg bag of imported rice could fall from N55,000 to N27,500.

He further projected that the price of a medium-sized tuber of yam would decline from N2,400 to N1,200, while a 50kg bag of maize could reduce from N75,000 to N37,500.

Other projected reductions include plantain, which he said could fall from N2,500 to N1,250 per bunch, and whole chicken, expected to drop from N7,000 to N3,500.

Utomi also projected that a dozen eggs could sell for N1,150, compared with the current N2,300, while a painter of garri could decline from N1,300 to N650.

He said the proposal reflected the NDC’s commitment to improving living conditions, particularly for Nigerians facing multidimensional poverty.

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

The proposed exchange rate target and commodity prices represent the party chieftain’s projections and would depend on the economic policies and market conditions under any future administration.

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