Pat Utomi Projects Naira Strengthening to N500/$1 by 2027

Prof. Pat Utomi, a political economist and chieftain of the Nigeria Democratic Congress (NDC), stated that if the party's presidential candidate, Peter Obi, wins the 2027 election, the naira could appreciate to N500 per dollar. This projection is part of the NDC's economic agenda aimed at easing inflation, reducing poverty, and improving purchasing power for Nigerians.

Utomi indicated that the current exchange rate of about N1,350 to the dollar would be targeted for significant strengthening. He outlined that essential commodities' prices could fall drastically, with a loaf of bread dropping from N1,750 to N800, and a 50kg bag of imported rice from N55,000 to N27,500.

Other projected price reductions include a medium-sized tuber of yam from N2,400 to N1,200 and petrol from N1,350 to N500 per litre. While Utomi expressed confidence in these measures, he did not specify when the N500 exchange rate would be achieved or the necessary monetary and fiscal policies to support this appreciation.