Dr. Tope Fasua, President Bola Tinubu’s Special Adviser on Economic Affairs, has argued that the Naira’s local purchasing power remains significant, even though it is weak against the US dollar.
He stated during an interview on the Mic On Podcast with Seun Okinbaloye that $1, which is equivalent to over N1,500, can still purchase a meal within Nigeria.
Fasua also discussed the global measurement of poverty, stating that many Nigerians misunderstand the concept of “multi-dimensional poverty.”
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He said, “Some people don’t understand the meaning of multi-dimensional poverty.
“They think multi-dimensional poverty is worse than food poverty. What multi-dimensional means is that maybe the school your children attend is too far from you, or the hospital, and they categorise you as multi-dimensional.”
He contended that despite the Naira’s low exchange rate against the dollar, it still holds significant value for buying goods and services within Nigeria.
“$1 is N1,500 – it’s a lot of money for many people in Nigeria. $10 won’t buy you lunch anywhere in the US, sometimes you need at least $20, that is N30,000 in Nigeria,” Fasua stated.
Offering examples from everyday life, Fasua added, “I will tell you what you can do with $5 – that is N7,500 – if you are not going to eat in some highbrow places. In Gwarinpa, there are some people that sell Boli and fish and you will eat for N1,500. If you know where you are coming from.
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