A chieftain of the Nigeria Democratic Congress (NDC), Pat Utomi, has stated that the presidential candidate will strengthen the naira to ₦500 per dollar.
Naija News reports that as of Friday, the naira traded at ₦1,346.86 per dollar on the official Nigerian Foreign Exchange Market (NFEM), while the dollar sold for about ₦1,385 in the parallel market.
In a post on 𝕏, Utomi said strengthening the naira from ₦1,350 to ₦500 would help curb inflation, reduce poverty, and improve Nigerians’ purchasing power.
He said the proposed exchange rate is part of Obi’s economic agenda for the presidential campaign.
He said the price of a loaf of sliced bread could drop from ₦1,750 to N800, while a 50kg bag of imported rice could decline from ₦55,000 to ₦27,500.
He also projected that a medium-sized yam tuber would fall from ₦2,400 to ₦1,200, while a 50kg bag of maize could drop from ₦75,000 to ₦37,500.
According to him, the price of a bunch of plantain could decline from ₦2,500 to ₦1,250, while a whole chicken could drop from ₦7,000 to ₦3,500.
Utomi also listed petrol and cement among the commodities expected to become cheaper under the proposed economic programme.
“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.
“It offers a direct, multi-faceted approach to curbing inflation, reducing poverty, and lowering the cost of living,” he said.
He said the proposal shows the party’s plan to improve Nigerians’ living conditions, particularly for those experiencing multi-dimensional poverty.
“It clearly demonstrates our concrete plan to uplift the 140 million Nigerians currently experiencing multi-dimensional poverty,” he said.
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