Dr. Tope Fasua, Special Adviser on Economic Affairs to President Bola Tinubu, has defended the value of the Naira against the dollar, stating that $1, equivalent to over N1,500, can still buy a meal in Nigeria. Nigerians have reacted negatively to it.
Fasua said this on a podcast hosted by Seun Okinbaloye on Saturday while addressing how poverty is measured, saying many Nigerians misunderstand what is termed “multi-dimensional poverty.”
“Some people don’t understand the meaning of multi-dimensional poverty.
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“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 categorize you as multi-dimensional,” Fasua said.
He pointed out that although the Naira may appear weak when compared to the dollar, its purchasing power remains strong in the local market.
“$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.
He illustrated further, saying, “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.”
