Lagos state – President Bola Ahmed Tinubuâs Special Adviser on Economic Affairs, Dr Tope Fasua, has insisted that 1,500 Naira (around $1) can still feed a person in Nigeria.
TimesNow.com.ng recalls that Tinubu’s aide defended the purchasing power of the naira despite its exchange rate exceeding N1,500 to $1.
Fasua explained that in the Nigerian context, even small amounts of foreign currency translate to substantial value, stating that meals can still be purchased for as low as N1,500.
The presidential aide explained that he is not denying the existence of poverty in the country.
As reported by The Punch, Fasua stated this during an interview on Arise TV on Tuesday, April 8, 2025.
He said he found out that N2,500 could buy a meal in a popular restaurant in Lekki, Lagos state.
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TimesNow.com.ng earlier reported that the Nigerian naira hit its lowest in 30 days on Thursday, April 3, 2025, in the official Nigerian Foreign Exchange Market (NFEM).
CBN data shows that the naira depreciated to N1,569 per dollar from N1,534 the previous day.
The depreciation is the lowest the local currency has gone in over 30 days as analysts fear it might fall off the N1,500 ceiling against the dollar.
Source: TimesNow.com.ng
