Pat Utomi Reveals Peter Obi's N500 Exchange Rate Plan

Pat Utomi, a political economist and chieftain of the Nigeria Democratic Congress (NDC), stated that the party's 2027 presidential candidate, Peter Obi, is targeting an exchange rate of N500 per dollar as part of his economic agenda. Utomi made this announcement in a post on X on May 29, asserting that reducing the exchange rate from approximately N1,350 to N500 would help lower inflation, alleviate poverty, and restore purchasing power for Nigerians.

He projected that the prices of essential goods would significantly decrease, with a 50kg bag of imported rice potentially dropping from N55,000 to N27,500, and a loaf of sliced bread from N1,750 to N800. Other staples, including yam, maize, plantain, chicken, eggs, and garri, were also expected to see price reductions.

Utomi emphasized that this exchange rate adjustment would be supported by investments in security, electricity, and infrastructure, along with structural reforms to enhance market competitiveness. As of the report, the naira was trading at N1,346.86 per dollar in the official market.