APC council member rejects claim Peter Obi can push naira to 500 per dollar

In a Friday statement that quickly made rounds on social media, APC Presidential Campaign Council member Segun Showunmi slammed the “naira 500” promise floated by economist Pat Utomi, who had suggested that Peter Obi’s victory would see the exchange rate tighten from the current roughly ₦1,350 to ₦500 per US dollar. Showunmi’s remarks came after Utomi posted the claim on X, insisting that such a move would curb inflation, lift purchasing power and reduce poverty across Nigeria. The APC official warned that promises of this nature are misleading and risk eroding public confidence in politicians.

Showunmi, speaking on behalf of the All Progressives Congress, emphasized that exchange‑rate movements are driven by a complex mix of production levels, export performance and the country’s foreign‑exchange reserves, not by the personal will of a president‑elect. He noted that while a government can influence policy, the fundamentals of the foreign‑exchange market respond to supply and demand dynamics that extend beyond any single administration. “The fundamental fallacy is the assumption that an administrative or politically declared appreciation of the naira from ₦1,350 to ₦500 per dollar will automatically translate into a 50 % reduction in the prices of virtually every essential commodity,” the statement read.

Pat Utomi’s post had sparked a flurry of reactions, with many Nigerians expressing hope that a dramatic devaluation of the dollar price could quickly revive the sagging economy. Utomi argued that a stronger naira would directly lower import costs, thereby easing inflationary pressures that have plagued households for years. However, Showunmi countered that such a sweeping promise overlooks the reality that Nigeria’s foreign‑exchange reserves have been under pressure, and that any attempt to artificially set a fixed rate could lead to market distortions or black‑market premiums.

The APC council member also used the occasion to call on all political actors to cease making “unrealistic promises” merely to win votes. He warned that repeated exposure to unattainable pledges can breed cynicism, making voters skeptical of any future policy announcements. By highlighting the disconnect between Utomi’s optimism and the structural challenges facing the economy, Showunmi aimed to shift the political conversation toward more credible, data‑driven strategies.

Economists familiar with Nigeria’s monetary landscape note that a jump from ₦1,350 to ₦500 would represent a roughly 63 % appreciation of the naira. Achieving such a swing would likely require a substantial influx of foreign currency, either through a surge in export earnings, large‑scale foreign direct investment, or significant improvements in the balance of payments. Current trends, however, show modest export growth and persistent trade deficits, factors that make a rapid, large‑scale appreciation improbable without major policy shifts. Moreover, the Central Bank of Nigeria has historically intervened cautiously, balancing the need to support the local currency against the risk of depleting foreign reserves.

Political commentators have pointed out that election campaigns often feature bold economic promises, yet the implementation phase usually reveals the constraints of macro‑economic policy. In past administrations, attempts to fix the naira at artificially high levels have led to shortages of foreign currency, a thriving parallel market, and heightened inflationary pressures. The experience show Showunmi’s argument that any credible currency policy must be anchored in realistic assessments of production capacity, export diversification, and fiscal discipline.

For ordinary Nigerians, the promise of a “naira 500” rate carries symbolic weight. Many see the current exchange rate as a barrier to affordable imports, especially for essential items like fuel, medicine and food. The allure of a dramatically stronger naira taps into a collective desire for immediate relief from rising living costs. Yet, as Showunmi warned, promises that ignore the underlying economic mechanics can ultimately do more harm than good, creating false expectations that may deepen disappointment if unmet.

In response to the controversy, the Nigerian Presidency’s communications office has not issued a direct comment on the specific claim, but it reiterated the administration’s broader commitment to stabilising the foreign‑exchange market through structural reforms, increased agricultural output and diversification of export markets. The office also highlighted ongoing efforts to improve the business environment to attract foreign investment, a key component of any long‑term currency strengthening strategy.

As the presidential race approaches its final stretch, the debate over the “naira 500” promise is likely to reappear in campaign rallies and social‑media debates. Showunmi’s rebuttal signals that the APC will continue to challenge any narrative that suggests a single individual can unilaterally reshape the nation’s monetary reality. Voters, meanwhile, are expected to weigh these competing narratives against their lived experiences of price hikes and currency volatility.

The next steps appear to involve further clarification from both sides. Pat Utomi has not yet responded publicly to Showunmi’s criticism, leaving room for a potential follow‑up exchange on the feasibility of his proposal. Meanwhile, the APC council is expected to circulate internal briefing notes outlining realistic policy options for currency management, should their candidate secure the presidency. The unfolding dialogue show the importance of grounding electoral promises in economic reality, a lesson that both candidates and voters will grapple with as Nigeria heads toward the ballot.