Naira to Exchange at N500/$ Under Peter Obi’s 2027 Plan, Utomi Reveals

Peter Obi’s proposed economic agenda for the 2027 presidential election includes strengthening the naira to N500 against the dollar, according to political economist and Nigeria Democratic Congress chieftain, Pat Utomi.

Utomi disclosed the proposal in a Thursday post on X, saying the plan would involve strengthening the local currency from its current exchange rate of approximately N1,350 per dollar.

He argued that achieving the target would help bring down inflation, ease poverty and make essential goods more affordable for Nigerians.

“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,” Utomi stated.

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

To illustrate the expected benefits, Utomi outlined projected reductions in the prices of several essential food items.

Under the proposed exchange rate target, a loaf of sliced bread currently costing N1,750 could sell for N800, while a 50kg bag of imported rice could drop from N55,000 to N27,500.

A medium-sized tuber of yam could also decline from N2,400 to N1,200, while a 50kg bag of maize could fall from N75,000 to N37,500.

Other projected price reductions include a bunch of plantain, which Utomi said could drop from N2,500 to N1,250, and whole chicken, which could become available for N3,500 instead of N7,000.

He also projected that the cost of a dozen eggs could reduce from N2,300 to N1,150, while a painter of garri could sell for N650 compared with its current price of N1,300.

Utomi maintained that the proposed economic strategy was designed to improve living standards and provide relief for millions of Nigerians struggling with rising living costs.

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

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