Dr Tope Fasua defends the local value of the naira under President Bola Tinubu as $1 worth over N1,500 Nigerian money can still purchase a Nigerian meal.
Dr. Tope Fasua explained during his Mic On Podcast interview with Seun Okinbaloye that Nigerians incorrectly interpret global assessments of poverty.
He clarified that numerous people fail to grasp the complete concept of multi-dimensional poverty.
Some people mistakenly believe that the state of being under multidimensional poverty surpasses the severity of food deprivation. According to the definition of multi-dimensionality people get classified when they lack access to nearby educational institutions and healthcare facilities.
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According to him the naira exhibits greater local purchasing strength despite its apparent weakness against the dollar.
According to Fasua “the Nigerian currency value at N1,500 per dollar stands as significant although $10 cannot fetch food in any United States restaurant and you typically require at least $20 which amounts to N30,000 in Naira.”
The situation requires everyday examples and Fasua explained “Take $5 which equals N7,500 since dining in posh restaurants is out of the question.” People who sell Boli and fish in Gwarinpa can provide meals to customers for N1,500. Your knowledge of your origins determines everything.
