Political economist and Nigeria Democratic Congress (NDC) chieftain Professor Pat Utomi has proposed strengthening the naira to N500 per greenback, projecting that the exchange fee goal, alongside infrastructure funding and structural reforms, may minimize the prices of a number of staple meals by as a lot as 50%.
Utomi outlined the proposal in an announcement revealed on his X account, presenting exchange-rate appreciation as a part of the get together’s manifesto and a method to cut back inflation, poverty and the price of residing.
He argued {that a} stronger naira, mixed with enhancements in safety, electrical energy and highway infrastructure, would decrease manufacturing and distribution prices whereas enhancing competitors throughout markets.
Utomi targets N500/$ exchange fee
Utomi stated the NDC’s manifesto would search to strengthen the naira from round N1,350/$ to N500/$, describing the proposal as a method for alleviating financial pressures on households.
- “We are convinced that targeting a strategic appreciation of the exchange rate by reasonably strengthening it from N1,350/$ to N500/$ as part of our manifesto is a winning strategy,” he stated.
He argued that the proposed exchange-rate goal, supported by infrastructure enhancements and structural reforms, would assist scale back the price of imported items and ease stress on home prices.
Utomi additionally linked the proposal to poverty discount, saying it demonstrated the get together’s plan to enhance residing situations for Nigerians experiencing multidimensional poverty.
However, the projected exchange fee and worth reductions are manifesto targets slightly than established outcomes. Achieving them would depend upon a number of components, together with overseas exchange provide, home manufacturing capability and the price of transporting and distributing items.
Food prices may fall by half
As a part of the proposal, Utomi projected that prices of chosen food objects and different commodities may decline by roughly 50% beneath the get together’s proposed financial measures.
His estimates embrace the next:
- A loaf of sliced bread falling from N1,750 to N800.
- A 50kg bag of imported rice declining from N55,000 to N27,500.
- A medium tuber of yam dropping from N2,400 to N1,200.
- A 50kg bag of maize falling from N75,000 to N37,500.
- A bunch of plantain declining from N2,500 to N1,250.
- An entire rooster dropping from N7,000 to N3,500.
- A dozen eggs falling from N2,300 to N1,150.
- A painter of garri declining from N1,300 to N650.
The proposal additionally consists of decrease prices for petrol and cement, which Utomi linked to the broader goal of lowering residing and manufacturing prices.
The projections are primarily based on the get together’s proposed financial strategy and shouldn’t be interpreted as assured worth reductions. Exchange-rate adjustments might affect the price of imported inputs, however home prices are additionally affected by vitality prices, transport, safety challenges, provide situations and different manufacturing bills.
Naira, inflation and reserves
Utomi’s proposal comes amid current enhancements in a few of Nigeria’s key financial indicators.
Nairametrics earlier reported that the naira strengthened in opposition to the US greenback for a 3rd consecutive buying and selling session on October 28, 2026, closing at N1,349/$ on the Nigerian Foreign Exchange Market, in contrast with N1,357/$ a day earlier.
Nigeria’s exterior reserves have additionally crossed $55 billion, reaching their highest degree in greater than 18 years, in line with the Central Bank of Nigeria, as beforehand reported by Nairametrics.
Meanwhile, headline inflation eased to 14.63% in September 2026, down from 15.39% in August, marking one other month-to-month decline. Food inflation stood at 19.59% year-on-year in September 2026, in contrast with 20.16% in September 2025, in line with the National Bureau of Statistics.
These figures present context for Utomi’s proposal, however they don’t set up that the naira can recognize to N500/$ or that food prices would consequently fall by half.
