Political economist and chieftain of the Nigeria Democratic Congress, Pat Utomi, has said that the party’s presidential candidate, Peter Obi, plans to strengthen the naira to N500 per dollar if elected in 2027. He recently had his say via a post on X, and Nigerians have been reacting.
Stressing that the plan to strengthen the naira from its current level of about N1,350 to N500 per dollar would help control inflation, Utomi stated that Obi is hell-bent on reducing poverty and boosting the citizens’ purchasing power.
He concluded by projecting that under Obi, a loaf of sliced bread currently selling for N1,750 could fall to N800, while the price of a 50kg bag of imported rice could drop from N55,000 to N27,500.
His words, “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.
It offers a direct, multi-faceted approach to curbing inflation, reducing poverty, and lowering the cost of living.
It clearly demonstrates our concrete plan to uplift the 140 million Nigerians currently experiencing multi-dimensional poverty.”
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