Funminded:


This is so beautiful. I have never really had anyone make me appreciate Nigeria like this.
But truth be told sha, our Naira is getting more useless everyday.

Have you seen how expensive food has become recently?

God forbid...

You re so gullible... Cant even think

SUPERPACK:
We are just suffering from Dutch Disease. It can happen to any country or state. Our inability to diversify from oil kept us were we are now.

Guy forget nonsense!

Our ONLY problem to begin with is bad leadership! Especially by the Northerners.

IS IT NOT THE SAME OIL THAT THEY USED TO DEVELOP DUBAI, SAUDI, KUWEIT ETC?


YOU PEOPLE SHOULD REMOVE THIS NONSENSE MENTALITY FROM YOUR HEAD.



BLAME THE LEADERS!

You got it all wrong, imangine a Nigerian schooling in Benin republic in 2014, in 2014 the tuition fees, accommodation and transportation fare for a semester was 1 million cefa and in 2014 1 million cefat was equivalent to 300 thousand naira, all my parents needed do is to send three hud red thousand naira from Nigeria to me In Benin republic and over a million cefa will reflect in my account in Benin republic and all my expenses would be settled for that semester, now fast forward to 2021, the tuition fee remains the same, transportation fare same and but my parents would need to send me 900 000 naira now from Nigeria before I can have a million cefa. You see the difference ? And if you are talking about purchasing power it should be what can 1 dollar buy against what can 1 naira buy, not 1 dollar versus 480 naira. While I was in Togo in November I met a woman at olando market in Lomé, because it’s been ages she came to buy shoes last from Togo to Nigeria she wasn’t aware of the new exchange rate, when reality dawn on here she realized That the money she brought from Nigeria due to the recent exchange rate could not even buy baby shoe talkless of bulk for sale, she had to restrategize and ended up buying medicine for skin rashes to resell in Nigeria because that’s what she could afford .. abeg which school you go?

igbosoupkitchen:


While.we are comparing the numbers of the curency can we also please compare the purchasing power??
We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.

Let me ask you,
I dollar is = 480naira (what is the purchasing power of both?
1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich
1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria.
500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa,
500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll
100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT

If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.

[s]

igbosoupkitchen:


While.we are comparing the numbers of the curency can we also please compare the purchasing power??
We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.

Let me ask you,
I dollar is = 480naira (what is the purchasing power of both?
1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich
1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria.
500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa,
500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll
100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT

If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.

[/s]
Complete trash.

Keep fooling yourself and those fools liking your stupîd post.

You don't know anything!


How many countries have you been to?


Rubbish!

DCmonster:
Very dumb analysis!

Spits!!! Its a pity that most Nigerians are this foolish.

I swear, it's foolishness at its peak.

Very brainless

Atteraino:
I'm still trying to understand what keeps bringing naira down

All northerners.... Especially that old fool called Buharī

Hmmm

Thank you, I appreciate, the goal is to visit every country across the world.

ElValiente:


When you reach Senegal wake me up. Baba port from badagry to Benin republic. God keep you safe. I respect you alot and your post are amazing. You, Explorer and macsgeb are the best on this forum. Nwamaikape I miss that dude too. Wait what? The name correct sho?

Illiteracy bad sha, na because of this nonsense you wan marry person ? No wonder Buhari easily deceived you people. Everything that person wrote there is complete trash

Ezemust:
pls can i marry you?

Daisukee:
Illiteracy bad sha, na because of this nonsense you wan marry person ? No wonder Buhari easily deceived you people. Everything that person wrote there is complete trash

buhari can never deceive an igbo man.check ur history....that woman is very beautiful.dont u think so?

igbosoupkitchen:


While.we are comparing the numbers of the curency can we also please compare the purchasing power??
We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.

Let me ask you,
I dollar is = 480naira (what is the purchasing power of both?
1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich
1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria.
500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa,
500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll
100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT

If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.

Thanks for your analysis but the current exchange rate was brought about by speculation and inordinate ambitions of BDC.

deepwater:


Charlie, stop decieving people biko - You earn before you purchase! Tell them the earning power of the NGN first abeg!!!



That guy above has only sold some half-truth to you and that is very poisonous and misleading.
The NGN has no value period!

He told you about purchasing power, what he did not tell you is that you have to earn the currency before you can use it to purchase anything.
Did you know that average minimum wage in USA is circa $2,000 p/m (= NGN 960,000) while the average minimum wage in Nigeria is NGN 30,000 p/m =($63).

Place these values on the same table to see how far apart they are

(a) USD 2,000 to USD 63

(b) NGN 960,000 to NGN 30,000

Whichever way you find yourself, you will lose with the NGN!

Bitter truth is that the average minimum wage earner in Nigeria takes about 3 years to earn what his counterpart earns in a month in the USA.

Next time anybody tells you NGN500 will buy you water, meatpie, eegroll, malt, akara and moi moi - just tell him all those stuff are substandard and poorly made food. NGN 500 would never get you a healthy meal,
e get why Heineken cost pass Goldberg but all na Lager

God bless you.

Naira is valueless.
With a whole N1,000, one cannot procure a phone charger.

SUPERPACK:
We are just suffering from Dutch Disease. It can happen to any country or state. Our inability to diversify from oil kept us were we are now.

Speculation and inordinate ambitions of BDC backed by government ineptitudeness.

Buhari met Dollar at 195, he succumbed to devaluation in April 2016 by January 2017 a Dollar was 520. When Buhari returned around 20th January 2017 he threatened to ban BDC if value of Naira didn't improve. Under 24hours Dollar crashed to 327 to a Dollar. I had to rush and empty my Domiciliary account and cashed out. We are where we are today because of speculation, round tripping and government ineptitudeness.

Emefile is a wicked man how can you float the currency of an import dependent country? He only started protecting the Naira when Oshibajo acted as President in 2017.

A Nigerian bank will borrow $10Million Dollar from a bank at 5% annual interest rate which worth just about N2Billion, will appreciate to N3.5Billion within two months. Our brown envelope press were part of conspiracy. Before the eventually devaluation of Naira everyday you read in the Nigerian dailies IMF advise Nigeria to devalue Naira why are the people interviewing IMF everyday?

To remain in the forex department in any Nigerian banks you have to always settle those in charge. They all took advantage of a clueless government. The government knew but major beneficiary are his ethnic groups.

pocohantas:


Save your energy. Most Nigerian graduates are totally clueless on exchange rate. My head aches whenever this argument comes up. In fact, I don’t indulge in it again. I just look and pass.

His reply made my head spin. Thank God I didn’t smash my phone.

Jesus Christ son of Mary! I am very disappointed in you. I expected more from you, maybe you are the same person. Smh!

igbosoupkitchen:


While.we are comparing the numbers of the curency can we also please compare the purchasing power??
We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.

Let me ask you,
I dollar is = 480naira (what is the purchasing power of both?
1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich
1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria.
500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa,
500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll
100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT

If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.

You are a bad economist why not focus on what 1naira in Nigeria can also buy instead of changing naira to dollar to show the purchasing power.Can Nigeria 1 Naira buy anything in the whole of Nigeria as a country?

Africa is a shithole continent. How can labour be very cheap? In the whole world,Africa has the cheapest labour market. It should not be so. Until our leaders wakeup,this continent will continue to be a shithole continent

thebosstrevor1:


Even with electricity issues, cost of production is cheap in Nigeria.

Labour cost os very cheap.

Chinese and Indian are paying 20k to 30k per month to produce a large quantity of a particular good

deepwater:


Charlie, stop decieving people biko - You earn before you purchase! Tell them the earning power of the NGN first abeg!!!



That guy above has only sold some half-truth to you and that is very poisonous and misleading.
The NGN has no value period!

He told you about purchasing power, what he did not tell you is that you have to earn the currency before you can use it to purchase anything.
Did you know that average minimum wage in USA is circa $2,000 p/m (= NGN 960,000) while the average minimum wage in Nigeria is NGN 30,000 p/m =($63).

Place these values on the same table to see how far apart they are

(a) USD 2,000 to USD 63

(b) NGN 960,000 to NGN 30,000

Whichever way you find yourself, you will lose with the NGN!

Bitter truth is that the average minimum wage earner in Nigeria takes about 3 years to earn what his counterpart earns in a month in the USA.

Next time anybody tells you NGN500 will buy you water, meatpie, eegroll, malt, akara and moi moi - just tell him all those stuff are substandard and poorly made food. NGN 500 would never get you a healthy meal,
e get why Heineken cost pass Goldberg but all na Lager

Minimum wage in USA IS ABOUT 7$. Even with 11$ , no way you will make 2k after tax. Get your facts right. That 1.5k is not enough for monthly house rent in New York.

igbosoupkitchen:


While.we are comparing the numbers of the curency can we also please compare the purchasing power??
We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.

Let me ask you,
I dollar is = 480naira (what is the purchasing power of both?
1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich
1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria.
500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa,
500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll
100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT

If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.

So true that I believed that 95 % of people on Nairaland are kids .

Wrong analyses with so much likes and validation from like minds

Few more years of APC and Buhari govt CFA will over take naira. Bookmark this

THE PROBLEM IS BROUGHT DUE TO OUR SYCOPHANCY, OUR LEADERS THEY ARE KNOWN FOR WASHING THE OUTSIDE OF A CALABASH WHILE THE INSIDE IS DAWM DIRTY. JUST LIKE THE PROVERBIAL PHARISEES WEARING LONG ROBES OR ATTIRE MOVING AROUND EXPECTING REGARD AND ESTEEM
FROM THOSE THEY OPPRESS. YES VERY SOON I TELL YOU IF CARE IS NOT TAKEN THE CFA WILL DOUBLE THE NAIRA.

igbosoupkitchen:
While.we are comparing the numbers of the curency can we also please compare the purchasing power??
We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.

Let me ask you,
I dollar is = 480naira (what is the purchasing power of both?
1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich
1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria.
500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa,
500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll
100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT

If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.

I guess when $1 becomes #1000 you'll be very excited because then while the $1 buys just a cup of tea, your #1000 can now buy you "tea( coffee, lipton,milo and milk) +sandwich" for 2 days.

lexyman:
So true that I believed that 95 % of people on Nairaland are kids .

Wrong analyses with so much likes and validation from like minds

I read it, and saw the likes and was flabbergasted.

"Like seriously?", I couldn't help myself but think.

When your currency loses value, in the short term it might seem unnoticeable, but eventually there is equilibration and that equilibration is called inflation.

As long as you import a considerable amount of goods it will eventually reach everything. And the more import dependent you are, the faster and the huger the impact of the inflation.

Following the 6 degrees of separation, every product is at most 6 degrees connected to an imported product. The other day someone was complaining about how expensive bird feed has become, eventually that would affect the price of all bird products (eggs, chicken)

For a country heavily dependent on importation, it is only matter of time before every product would have to equilibrate to reflect the value of the currency. The other day, I learnt sachet water now goes for #200 a bag, and of course the retail price for one sachet is #20, this was just #5 a few years ago.

One of the products that takes time to be affected is rent, but eventually it will equilibrate.

lebete3000:


Wetin happen abeg?

the exchange value I got was almost same naira denomination.

pocohantas:
Whoever supplies Nigerians the weed they smoke before they say CFA and Cedis are stronger than the Naira, should be arrested and tried for treason.

You think strength of currencies is all about exchange rate? Everyday they keep educating you people and una coconut head no gree.

One day, una go compare Somalia to Nigeria. That is why useless travel agents tell you guys you will earn 150k in “Dubai”, you jump and enter plane. Toor

This girl abi na woman sef, you no go kee pesin

travelwaka:
If

Back in the days , 1 naira used to be between 3 cefa but as of May 2021.

1 Naira is 1.1 CFA
10 Naira is 11 CFA
100 naira is 110 CFA
1,000 naira is 1,100 cfA

Few years ago 1,000 naira will get you 3,000 CFA but today 1,000 naira is 1,100 cefa.


https://www.travelwaka.com/understanding-the-republic-of-benin-currency-the-cefa/


https://www.youtube.com/watch?v=4rwkdRO8hp8

Meaning we can start saving our money in CeFa. Cos Naira is helplessly helpless under Buhari.

igbosoupkitchen:


While.we are comparing the numbers of the curency can we also please compare the purchasing power??
We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.

Let me ask you,
I dollar is = 480naira (what is the purchasing power of both?
1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich
1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria.
500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa,
500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll
100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT

If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.

Guy you get time to dey explain ooooo. Anything to drag Nigeria in the mud is what everybody is after. Naija is muddy already but person wey dey cry dey see road. What #1000 can purchase do they thing 1100XOF can purchase it.........they just look at numbers but not the economics behind it.

And why is Nigeria still shipping in that prepaid meter instead of building the factory here? Let's be practical for once

SUPERPACK:
We are just suffering from Dutch Disease. It can happen to any country or state. Our inability to diversify from oil kept us were we are now.

I believe corruption comes first in what kept Nigeria in the abysmal condition today before its inability to diversify!

heniford2:
Nothing will ever make me name my child buhari that name comes with great curse i spit out

U re even considering naming an innocent child buhari.

igbosoupkitchen:


While.we are comparing the numbers of the curency can we also please compare the purchasing power??
We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.

Let me ask you,
I dollar is = 480naira (what is the purchasing power of both?
1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich
1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria.
500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa,
500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll
100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT

If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.

What you're trying to explain is "Cost of Living", Not "Purchasing Power"


For me, the major problems with living in Nigeria are lack of electricity, insecurity, and miserable healthcare!

chiefobdk:


God forbid...

You re so gullible... Cant even think

Sadly, you are Wisdom-deprived and as such, would never be able to comprehend a simple writeup. Sorry for you.