‘Fundamental fallacy’ — Showunmi faults Utomi’s claim Obi can push naira to N500/$1 if elected

Segun Showunmi, a member of the All Progressives Congress (APC) presidential campaign council, has faulted a claim by Pat Utomi that Peter Obi, presidential candidate of the Nigeria Democratic Congress (NDC), will strengthen the naira to N500/$1 if elected president.   In a statement on Friday, Showunmi described Utomi’s argument as “an elementary misunderstanding of exchange-rate economics and the mechanism of price formation”.   In a post on X, Utomi, a political economist and NDC chieftain

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