President Bola Tinubu’s Special Adviser on Economic Affairs, Dr Tope Fasua, has said the naira still retains value locally despite its sharp decline against the dollar.
Speaking on the Mic On Podcast hosted by Seun Okinbaloye on Saturday, April 5, Fasua argued that many Nigerians misunderstand global poverty metrics and overlook the naira’s local purchasing power.
“Some people don’t understand the meaning of multi-dimensional poverty,” Fasua explained. “They think multi-dimensional poverty is worse than food poverty.
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“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 emphasised that although the naira now trades at over ₦1,500 to a dollar, it can still afford basic meals in many parts of the country.
“$1 is N1,500 – it’s a lot of money for many people in Nigeria,” he said. “$10 won’t buy you lunch anywhere in the US, sometimes you need at least $20, that is ₦30,000 in Nigeria.”
Citing everyday experiences to support his point, Fasua said, “I will tell you what you can do with $5 – that is ₦7,500 – 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 ₦1,500. If you know where you are coming from.”