Naira Not Useless—You Can Still Eat Well with $1 in Nigeria, Tinubu’s Adviser Insists

Dr. Tope Fasua, Special Adviser to President Bola Tinubu on Economic Affairs, has defended the strength of the naira in local spending despite its steep exchange rate against the U.S. dollar.

Speaking on the Mic On podcast with Seun Okinbaloye, Fasua emphasized that although $1 now exchanges for over N1,500, it still holds significant value in the Nigerian economy. According to him, meals and basic necessities can still be accessed by many Nigerians at that rate.

He noted that global poverty metrics are often misunderstood in Nigeria, particularly the concept of “multi-dimensional poverty.” Fasua clarified that this term doesn’t necessarily mean a lack of food but also includes limited access to essential services like schools and healthcare.

“In Nigeria, $1—about N1,500—can buy you a decent meal. In contrast, $10 might not even cover lunch in the U.S.,” he explained.

Fasua cited examples of how $5, or N7,500, can still provide a satisfying meal in parts of Abuja like Gwarinpa, especially when buying local dishes like Boli and fish. His remarks aimed to show that the naira’s real value should be viewed within the context of the local economy, not solely by global currency standards.

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