Utomi says an Obi government would aim for ₦500 to the dollar
Political economist Pat Utomi, a leading figure in the Nigeria Democratic Congress (NDC), has reportedly said that a Peter Obi government would work towards an exchange rate of ₦500 to the dollar.
What he said
In a post on X reported on Friday, 30 October 2026, Utomi said the target would be part of Obi's economic agenda. He argued that the naira could be strengthened from its current rate of about ₦1,350 to ₦500 per dollar through investment in security, electricity and roads, together with market reforms. He also projected large falls in the prices of everyday goods, claiming for example that a 50kg bag of imported rice could drop from about ₦55,000 to ₦27,500 and a loaf of sliced bread from ₦1,750 to ₦800.
The questions
The NDC has not said how long such an improvement would take, or what monetary and fiscal steps would be used to achieve and sustain it. Reaching ₦500 would require the naira to gain about 63 per cent against the dollar. The naira traded at about ₦1,347 on the official market and around ₦1,385 on the parallel market at the end of last week. No independent economists or government officials had responded to the target at the time of the report.
Background
The exchange rate has been one of the biggest economic issues since the naira was floated in 2023, when it weakened sharply. The Tinubu government says its reforms have stabilised the currency, while the opposition argues that the weaker naira has driven up living costs. Utomi, who once ran for president himself, is a long-time ally of Obi.
How people reacted
Obi's supporters welcomed the promise, while critics described it as unrealistic and questioned how it could be achieved without large reserves.
- Utomi says the target is ₦500 to the dollar, from about ₦1,350 now.
- He projected big falls in food and fuel prices.
- The NDC has not given a timeline.
