Utomi: Obi Will Strengthen Naira to N500/$1 If Elected President

Political economist and NDC chieftain Prof. Pat Utomi has stated that if Peter Obi, the NPP presidential candidate, wins the 2027 election, he aims to strengthen the naira to N500 per dollar. This proposed exchange rate change, part of Obi's economic agenda, could help combat inflation, reduce poverty, and boost Nigerians' purchasing power.

Strengthening the naira from the current N1,350/$ to N500/$ could bring down the prices of essential commodities, according to Utomi's projections. For instance, a loaf of sliced bread could drop from N1,750 to N800, while a 50kg bag of imported rice might decrease from N55,000 to N27,500. Utomi also projected that a medium-sized tuber of yam would fall from N2,400 to N1,200, and a 50kg bag of maize could reduce from N75,000 to N37,500.

Other commodities like a bunch of plantain, a dozen eggs, and a sack of garri are expected to become cheaper as well. The political economist emphasized that this strategy is a winning approach to curb inflation, reduce poverty, and lower the cost of living for Nigerians. However, Utomi did not provide a timeline for achieving this exchange rate target or detail the necessary monetary and fiscal measures to maintain the projected appreciation of the naira.