Political economist and Nigeria Democratic Congress (NDC) chieftain, Pat Utomi, says the get together’s presidential candidate, Peter Obi, will strengthen the naira to N500 per greenback if elected president in 2027.
Utomi mentioned the proposed change fee goal types a part of Obi’s financial agenda for the 2027 presidential marketing campaign.
In a submit on X, the political economist mentioned strengthening the naira from N1,350 to N500 per greenback would assist curb inflation, scale back poverty and enhance the buying energy of Nigerians.
He mentioned the proposed change fee adjustment could be complemented by investments in safety, electrical energy and highway infrastructure, alongside structural reforms to enhance market competitiveness.
Utomi projected that the measures may considerably scale back the costs of important commodities, easing the monetary burden on households.
According to his projections, a loaf of sliced bread at present promoting for N1,750 may drop to N800, whereas a 50kg bag of imported rice may decline from N55,000 to N27,500.
He additionally projected {that a} medium-sized tuber of yam would fall from N2,400 to N1,200, whereas a 50kg bag of maize may drop from N75,000 to N37,500.
The political economist mentioned a bunch of plantain may decline from N2,500 to N1,250, whereas the worth of entire hen may fall from N7,000 to N3,500.
He additional projected {that a} dozen eggs would drop from N2,300 to N1,150 and a painter of garri from N1,300 to N650.
Utomi additionally listed petrol and cement among the many commodities anticipated to turn out to be cheaper beneath the proposed financial 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 mentioned.
“It offers a direct, multi-faceted approach to curbing inflation, reducing poverty, and lowering the cost of living.”
He mentioned the proposal demonstrated the get together’s plan to enhance the residing circumstances of Nigerians, notably these experiencing multi-dimensional poverty.
“It clearly demonstrates our concrete plan to uplift the 140 million Nigerians currently experiencing multi-dimensional poverty,” he mentioned.
However, Utomi didn’t specify the timeline for attaining the proposed change fee goal or define the financial and financial measures required to maintain the projected appreciation of the naira.
As of Friday, the naira was buying and selling at N1,346.86 per greenback on the official Nigerian Foreign Exchange Market (NFEM), whereas the greenback offered for about N1,385 within the parallel market.
At the official market fee, attaining the proposed N500 change fee would require the naira to understand by roughly 63 per cent in opposition to the greenback.
President Bola Tinubu of the All Progressives Congress (APC) carried out a collection of financial reforms in 2023, together with modifications to the overseas change system, which contributed to the naira’s depreciation.
The weakening foreign money subsequently elevated the price of imported items and providers, contributing to rising costs and stress on family buying energy.
Faridah Abdulkadiri
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