Connect with us

Celebrity opinion

Olaide Olabanji Laments N1,000’s Falling Buying Power

Published

on

Olaide Olabanji

Olaide Olabanji N1,000 concerns highlight the falling purchasing power of Nigeria’s highest denomination amid rising fuel and cooking gas costs

Olaide Olabanji, veteran Nollywood filmmaker and founder of LAIBAN Movie Production, on Wednesday, August 26, 2026, in Nigeria, raised concerns over the declining purchasing power of the N1,000 note, saying the country’s highest denomination can no longer buy a litre of petrol or a kilogramme of cooking gas.

Also read: Mercy Johnson, Husband Celebrate 15 Years of Love

Olabanji, who has been vocal about economic and governance issues, expressed his concerns in an Instagram video as Nigerians continue to contend with elevated living costs.

“Your highest money N1,000 cannot buy 1kg of gas. Your highest currency cannot buy you one liter of petrol. Something is definitely wrong with Nigeria. So sad,” he said.

His comments draw attention to the everyday impact of inflation, particularly the way rising prices have reduced the value of cash in routine household transactions.

Advertisement

The N1,000 note was introduced into circulation on October 12, 2005, during the administration of former President Olusegun Obasanjo.

At the time, the official exchange rate was about N132 to the US dollar, putting the value of the note at roughly $7.58.

Two decades later, the economic environment is markedly different. A report attributed to Quartus Economics says the N1,000 note has lost more than 94 per cent of its purchasing power since its introduction.

The decline has been particularly visible in the energy market. Petrol prices have risen substantially from the levels Nigerians were accustomed to before the removal of the petrol subsidy in 2023, while the cost of cooking gas has also increased significantly.

For many households, the consequences extend beyond the price of individual products.

Advertisement

Higher energy costs feed into transportation, food production, distribution and other basic expenses, placing additional pressure on household budgets.

Olabanji’s intervention reflects a broader public debate about the strength of the naira and the rising cost of living.

While the government has introduced economic reforms intended to stabilise the economy and attract investment, the transition has also brought significant short-term pressures for households and businesses.

The filmmaker’s powerful comparison therefore centres on a simple measure of purchasing power: what the country’s largest widely circulated banknote can actually buy.

Also read: Mercy Johnson, Husband Celebrate 15 Years of Love

For Olabanji, the shrinking value of the N1,000 note is more than a monetary issue. It is a visible indication of the economic strain experienced by ordinary Nigerians in their daily lives.

Advertisement

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Celebrity opinion

Shaffy Bello’s Powerful Plea for Respect From Younger People

Published

on

Shaffy Bello

Shaffy Bello respect message urges younger Nigerians to honour elders, as the actress explains why she dislikes casual greetings and first-name address (more…)

Continue Reading

Celebrity opinion

Uche Ogbodo shares candid thoughts on love, marriage

Published

on

Uche Ogbodo

Uche Ogbodo love confession explores marriage, age differences and her view that women are increasingly becoming providers in relationships.

Nollywood actress Uche Ogbodo opened up about love, marriage and changing gender roles in an interview with Deacon Famous, reflecting on her relationship with her younger husband and the criticism she faced over their age difference.

Also read: Kazim Adeoti Sweetly Hails Mercy Aigbe as His ‘Forever Crush’

Ogbodo said she was only a few years older than her husband, yet some people assumed she was his mother, a reaction she described as difficult to understand.

The actress used the conversation to discuss what she sees as a significant shift in relationships, particularly the growing financial and emotional responsibilities carried by women.

“In this generation, statistically, I think women are more of providers,” Ogbodo said.

Advertisement

She argued that women increasingly contribute substantially to the wellbeing of their families, while expressing the view that some men can be emotionally self-focused.

“I think men are emotionally selfish; they care more about themselves than the woman and the children,” she said.

Her comments also touched on her broader understanding of romantic relationships. Ogbodo said she believes the intensity associated with love can change as relationships progress.

“I think love fades over time,” she said.

The actress’s remarks offer a candid perspective on the pressures surrounding modern relationships, particularly for women whose financial or social independence challenges traditional expectations about marriage.

Advertisement

Her comments about the age difference also highlight the double standards that can surround relationships involving older women and younger men.

While such relationships are increasingly visible, women can still face ridicule or assumptions about their appearance and role within the relationship.

Ogbodo’s comments come against the backdrop of public interest in her personal life and previous marriage experiences.

Rather than presenting her views as a universal rule, her remarks appear rooted largely in her own experiences and observations of relationships.

The actress’s discussion of women as providers also reflects a broader conversation in Nigeria about changing household responsibilities.

Advertisement

Rising living costs, dual-income households and women’s growing participation in business and professional life have increasingly complicated the traditional idea of men as sole financial providers.

At the heart of Ogbodo’s comments, however, is a more personal question about what sustains love when circumstances and expectations change.

Also read: Kazim Adeoti Sweetly Hails Mercy Aigbe as His ‘Forever Crush’

Her willingness to discuss those experiences has given the interview a revealing human dimension, particularly as she reflects on the realities behind relationships that are often judged from the outside.

Advertisement
Continue Reading

Celebrity opinion

Charles Inojie questions graduates’ employability

Published

on

Charles Inojie
The Nollywood actor says some Nigerian graduates lack practical knowledge of the subjects they studied, raising concerns about education and workplace readiness

(more…)

Continue Reading

Trending