By our reporter 30.10.2026
Foremost Nigerian economist and politician Prof Pat Utomi said there is a strong possibility the naira will bounce back to 500/$1 if the Nigeria Democratic Congress (NDC), presidential candidate Peter Obi, clears the 2027 elections hurdle in January.
Prof Utomi said strengthening the naira was a core agenda of the NDC government as it would help bring down inflation, reduce price of commodities and increase Nigerians’ purchasing power.
“We are convinced that targeting a strategic appreciation of the exchange rate by reasonably strengthening it from ₦1,350/$ to ₦500/$ as part of our manifesto is a winning strategy,” Utomi wrote on X social media.
“It offers a direct, multi-faceted approach to curbing inflation, reducing poverty, and lowering the cost of living.”
He said the NDC will work to lift Nigerians out multi-dimensional poverty.
On day one of his administration President Bola Tinubu crashed the naira by “floating” the currency leaving market forces to determine its true value. Overnight the naira fell to N1,200/$1 from N460 official rate and N700 in the black market. The naira struggled with major currencies and became one of the least performing in the African continent.
As of Friday, the naira was trading N1,346.86 per dollar at the official Nigerian Foreign Exchange Market (NFEM), while in the black market it is about N1,385.
Tinubu’s administration insisted that floating the naira made it to find its true value and also bridged the gap between the official and black-market rate, which banks, government officials and currency speculators were cashing on to round-trip the naira.