Political economist and chieftain of the Nigeria Democratic Congress NDC Prof Pat Utomi has said the party presidential candidate Peter Obi will strengthen the naira to N500 per dollar if elected president in 2027.

Utomi disclosed this in a post on X on Thursday, saying the proposed exchange rate target is part of the economic agenda for Obi presidential campaign.

He said strengthening the naira from about N1,350 to N500 would help curb inflation, reduce poverty and improve the purchasing power of Nigerians.

He said the exchange rate plan would be supported by investments in security, electricity and road infrastructure, alongside structural reforms to make markets more competitive. He added that the policy would significantly reduce prices of essential commodities.

According to him, a loaf of sliced bread could drop from N1,750 to N800, while a 50kg bag of imported rice could decline from N55,000 to N27,500 under the proposed measures. He said the party is convinced that targeting a strategic appreciation of the exchange rate is a winning strategy.

He said, 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. However, he did not specify the timeline for achieving the target or the monetary and fiscal measures needed to sustain it, as the naira currently trades at about N1,346 at the official market.