Saifulah
post=96765697:
Your thoughts!

Modified;
I have seen some arguments that are off point at a tangent. The idea is comparing the naira to the dollar in terms of their purchasing power after adjustments for inflation and cost of living (in our case also for tariffs, imported inflation etc)

So for instance we could compare cost of 0.75cl of water in the US and Nigeria. or other products that are locally produced in each country

Snitch24:



bro even a street begger makes over 500$ monthly u can't compare the comfortability there to the suffering here

and again u will be lucky to get a pay of 200$ here
do ur calculations base on minimum wages bro
Nigeria is bleeped up

Nwaide01:
The mumurism of some members of this forum is out of this world. OK you can an iPhone at $1000 in the USA but here it will be #500,000 so between us and them who can easily afford it. Again $1 is to Americans as #1 is to us, so whoever put that argument there need to have his or her head examined.

DamnnNiggarr:
my question is, what can 1naira purchase in Nigeria??
When are we going to compare $1 to 1 naira??

Aufbauh:
I don't know why common basic economic knowledge is lacking in some persons.

Some persons are asking why not compare #1 to $1 instead of #500 to $1?

The value of local currency is in the purchasing power within the locality and not in the figure in the denomination. This is why you can easily be a millionaire in Zimbabwe and will not be in Nigeria with the conversation of Zimbabwe dollar.

That is why we have what is referred to as PPP Purchasing Power Parity which varies across different countries.

As for the minimum wage earning, that's where quality of life or standard of living comes into play. Even though the dollar is not easy to make as erroneously thought of in Nigeria.

If Nigerians are being paid the same minimum wage with the Americans considering the PPP in Nigeria we'll have hype-inflation and won't make economic sense. It's not possible in practice either.

If Nigeria can keep the $1 to #150 afloat exchange rate, i bet us we'll live a better quality life than those in the US.

thebosstrevor1:
PPP( Purchasing power parity)

NIGERIA IS CHEAP TO LIVE IN.

IF YOU KNOW YOU KNOW

Aufbauh:
I don't know why common basic economic knowledge is lacking in some persons.

Some persons are asking why not compare #1 to $1 instead of #500 to $1?

The value of local currency is in the purchasing power within the locality and not in the figure in the denomination. This is why you can easily be a millionaire in Zimbabwe and will not be in Nigeria with the conversation of Zimbabwe dollar.

That is why we have what is referred to as PPP Purchasing Power Parity which varies across different countries.

As for the minimum wage earning, that's where quality of life or standard of living comes into play. Even though the dollar is not easy to make as erroneously thought of in Nigeria.

If Nigerians are being paid the same minimum wage with the Americans considering the PPP in Nigeria we'll have hype-inflation and won't make economic sense. It's not possible in practice either.

If Nigeria can keep the $1 to #150 afloat exchange rate, i bet us we'll live a better quality life than those in the US.

Saifulah:
Your thoughts!

Modified;
I have seen some arguments that are off point at a tangent. The idea is comparing the naira to the dollar in terms of their purchasing power after adjustments for inflation and cost of living (in our case also for tariffs, imported inflation etc)

So for instance we could compare cost of 0.75cl of water in the US and Nigeria. or other products that are locally produced in each country

Praxis758:
Yes, very correct.

With $1 here in the US, you can only buy 1 0.75l of bottled water or some canned drinks, remember tax of some cents will be added.

Though the effect of serial naira devaluation has crippled the purchasing power of Naira, but with N500, you can buy many things in Nigeria like soap, creams, toothpaste, excercise books and some others.

If anyone doubt my comment, let him prove me wrong and I'll personally go to Food Lion, Family Dollar store are take shots of their prices to see if one dollar products are common.

Though there's a store called 1 dollar store, 70% of their products are $1 but you'll still be taxed.

adeyemik:
With N500 you can load you stomach and have some change:

Bread: N100
Beans: N100
Meat/fish: N100
Coke Cola': N100
×××××××××××××××
Total: N400. N400
Eva Water: : N100. 2 Pure Water: N20
***** ******
Change. 0 N80
****** ******

themaestro08:


No where in Nigeria will you get 1 litre of whole fat milk at 500 naira

Aufbauh:
I don't know why common basic economic knowledge is lacking in some persons.

Some persons are asking why not compare #1 to $1 instead of #500 to $1?

The value of local currency is in the purchasing power within the locality and not in the figure in the denomination. This is why you can easily be a millionaire in Zimbabwe and will not be in Nigeria with the conversation of Zimbabwe dollar.

That is why we have what is referred to as PPP Purchasing Power Parity which varies across different countries.

As for the minimum wage earning, that's where quality of life or standard of living comes into play. Even though the dollar is not easy to make as erroneously thought of in Nigeria.

You are a wise man.

APC mugus one confuse people.

The right thing to do is compare $1 to 1 Naira.

Simple truth.

Nigerians wake up from this backward thinking.

If Nigerians are being paid the same minimum wage with the Americans considering the PPP in Nigeria we'll have hype-inflation and won't make economic sense. It's not possible in practice either.

If Nigeria can keep the $1 to #150 afloat exchange rate, i bet us we'll live a better quality life than those in the US.

Saifulah:
Your thoughts!

Modified;
I have seen some arguments that are off point at a tangent. The idea is comparing the naira to the dollar in terms of their purchasing power after adjustments for inflation and cost of living (in our case also for tariffs, imported inflation etc)

So for instance we could compare cost of 0.75cl of water in the US and Nigeria. or other products that are locally produced in each country

helinues:
That's a lie... With $1, you can buy things in Usa like bottle soft drinks e.t.c

DamnnNiggarr:
my question is, what can 1naira purchase in Nigeria??
When are we going to compare $1 to 1 naira??

adeyemik:
With N500 you can load you stomach and have some change:

Bread: N100
Beans: N100
Meat/fish: N100
Coke Cola': N100
×××××××××××××××
Total: N400. N400
Eva Water: : N100. 2 Pure Water: N20
***** ******
Change. 0 N80
****** ******

SEGLIZ:

one thing folks around don't realise is this, the world economy has made for south every country is technically staying afloat.
one thing is america and it's currency has their own issues bedevilling them. within its locality dollar has its own liability but looking at the exchange rate against Naira seems huge but their individual purchasing power within their jurisdiction is the real value.

Saifulah:
Your thoughts!

Modified;
I have seen some arguments that are off point at a tangent. The idea is comparing the naira to the dollar in terms of their purchasing power after adjustments for inflation and cost of living (in our case also for tariffs, imported inflation etc)

So for instance we could compare cost of 0.75cl of water in the US and Nigeria. or other products that are locally produced in each country

Aufbauh:
I don't know why common basic economic knowledge is lacking in some persons.

Some persons are asking why not compare #1 to $1 instead of #500 to $1?

The value of local currency is in the purchasing power within the locality and not in the figure in the denomination. This is why you can easily be a millionaire in Zimbabwe and will not be in Nigeria with the conversation of Zimbabwe dollar.

That is why we have what is referred to as PPP Purchasing Power Parity which varies across different countries.

As for the minimum wage earning, that's where quality of life or standard of living comes into play. Even though the dollar is not easy to make as erroneously thought of in Nigeria.

If Nigerians are being paid the same minimum wage with the Americans considering the PPP in Nigeria we'll have hype-inflation and won't make economic sense. It's not possible in practice either.

If Nigeria can keep the $1 to #150 afloat exchange rate, i bet us we'll live a better quality life than those in the US.

themaestro08:


No where in Nigeria will you get 1 litre of whole fat milk at 500 naira

nervorum:


Nigeria is cheap to live in cos standard of living is low and quality of life is poor. This does not in any way intend to put Nigeria down.

Maybe if you make adjustments for both variables your conclusion would be wrong.

Determination of how cheap a place is cannot be made solely on PPP. Corrections and adjustments shld be made. I'm no economist, just experienced.

jmoore:
A wise person compares $1 to 1 Naira.

A wise person compares $500 to 500 Naira.

But many are not wise


Modified: The op modified his post to talk about PPP.
The dell laptop you imported from USA, will it be cheaper in Nigeria? What about the iPhone? What about an electric car?


Take a look around you and see products imported.

It's ridiculous to always talk about FOOD when referring to PPP.


More notes outsourced below.

Praxis758:
Yes, very correct.

With $1 here in the US, you can only buy 1 0.75l of bottled water or some canned drinks, remember tax of some cents will be added.

Though the effect of serial naira devaluation has crippled the purchasing power of Naira, but with N500, you can buy many things in Nigeria like soap, creams, toothpaste, excercise books and some others.

If anyone doubt my comment, let him prove me wrong and I'll personally go to Food Lion, Family Dollar store are take shots of their prices to see if one dollar products are common.

Though there's a store called 1 dollar store, 70% of their products are $1 but you'll still be taxed.

olymyk:



My thought exactly bro !!!

I have been longing to read a wise comment like this

Nigeria have been brainwashed to believe 1&500 are supposed to be the same

NB : that’s my one week pay in the pix ..Lolz ( $1000)

��

How many of people in Nigeria even have that in their acct in a life time ?
Comparing $1 to #500 it’s a shame

What happens to your own #1