2027 Election: Peter Obi's Camp Promises N500/$1 Exchange Rate

• Pat Utomi, an NDC chieftain and political economist, revealed Peter Obi's plan to appreciate the naira to N500 per dollar as president
• Utomi projected that the policy could cut prices of key food items roughly in half, including rice, bread, eggs and chicken
• The NDC's proposed rate would require the naira to gain about 63 per cent against the dollar from its current official market value

Pat Utomi, a political economist and chieftain of the Nigeria Democratic Congress (NDC), has said the party's 2027 presidential candidate, Peter Obi, is targeting an exchange rate of N500 per dollar as part of his economic agenda if he wins the presidency.

Utomi made the claim in a post on X on Thursday, May 29, describing the proposed naira appreciation as a central plank of Obi's campaign manifesto. He argued that pulling the exchange rate down from its current level of roughly N1,350 to N500 would directly reduce inflation, lift millions out of poverty and restore the purchasing power that ordinary Nigerians have lost in recent years.

What the NDC says prices could look like

Beyond the exchange rate target itself, Utomi projected sweeping reductions in the cost of everyday goods. He said a 50kg bag of imported rice could fall from N55,000 to N27,500, while a loaf of sliced bread could drop from N1,750 to N800. A medium-sized tuber of yam, he added, could go from N2,400 to N1,200, and a 50kg bag of maize from N75,000 to N37,500.

The projections extended to other staples: a bunch of plantain from N2,500 to N1,250, whole chicken from N7,000 to N3,500, a dozen eggs from N2,300 to N1,150, and a painter of garri from N1,300 to N650. Petrol and cement were also listed among the commodities he expects to become cheaper under the plan.

Utomi said:

"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 added that the exchange rate adjustment would be backed by investment in security, electricity and road infrastructure, as well as structural reforms to make markets more competitive.

Key questions the NDC has not answered

As of Friday, the naira was trading at N1,346.86 per dollar at the official Nigerian Foreign Exchange Market (NFEM), with the parallel market rate sitting at about N1,385. Achieving the NDC's proposed target would require the naira to appreciate by roughly 63 percent against the dollar from its official rate.

Utomi did not specify how long it would take to reach the N500 target, nor did he outline the monetary and fiscal steps needed to sustain that level of appreciation over time.

The naira has been under severe pressure since President Bola Tinubu of the All Progressives Congress introduced a series of economic reforms in 2023, including the removal of the fuel subsidy and the unification of exchange rate windows, which sent the currency into a sharp decline and pushed up the prices of goods and services across the country.

See Utomi's full statement on X here:

Wike mocks Peter Obi

Legit.ng earlier reported that FCT Minister Nyesom Wike took aim at Peter Obi's public image and governance record at a Rivers State town hall.

Wike made explosive allegations about billions of naira and millions of dollars spent under a previous Rivers State administration.

The minister also revealed the Rainbow Coalition's plans ahead of the 2027 elections, including a governorship pick.