rusher14:


Can't you comprehend?

Gosh, many of you are so slow.

OkaNaUbe:
Then, I don de swallow fufu.

Let us see how bad our Naira has depreciated.

Computing the dollar equivalent of N246 in 1983

In 1983, $1=0.724NGN
Therefore $? =246NGN for sewing machine

Cross multiplying

N246 X 1$/ 0.724 = $339.77
is the price in USD of the machine in 1983.

Fast forward to 2019>>>>>>>>>>>>>>>>>>>>>>>

As at today, 2/02/2019, 1$ = 361.50 (official)

Converting the dollar equivalent of the price of the sewing machine in 1983 to today's value in Naira:

Since 1$ today = N361.50
Price of Sewing machine in 1983(in $) = $339.77

1$ =N 361.50
339.77$ = ?N

Cross multiplying

= N361.50 x N339.77/1 = N122,826.86 (value today)


Therefore, the price of that Sewing machine in 1983 can buy about 4 Butterfly brand sewing machines in 2019.



Our successive governments have killed Nigeria.

Babalegba:
Things were already getting bad by 1983 when the machine was purchased. Two years earlier the same machine would have cost about 150 naira.Nigerian economy nosedived in 1983 which prompted the military to take over as the civilian government were mismanaging things

Babalegba:
Nope,the economy nosedived before buhari came and Shagari chased away the Ghanaians thinking that there would be positive effect on the economy like more jobs etc, but it did not work.The politicians ran the economy to the ground then buhari took over.For some reason buhari is always there to steer Nigeria through difficult times

rusher14:
That's 250 pounds.

Over 100k.

doctokwus:
That's equivalent to about N80k-N100k today.
The ignorant way some people comment makes one wonder if education is really not regressing.
So people with supposed basic education are equating N250 of 1983 to N250 in 2019!
My God,shameful!!

rusher14:
That's 250 pounds.

Over 100k.

Exponental:

You too know book. Efiko!

Cue4rm:
That was b4 Buhari destroyed our currency.
That guy is a failure by default.

Cue4rm:
That was b4 Buhari destroyed our currency.
That guy is a failure by default.

Cue4rm:
That was b4 Buhari destroyed our currency. That guy is a failure by default.

delugajackson:
Times have really changed. These days, N250 can't even buy you a plate of Kpomo and extra at Iya Basiru's bukka.

OkaNaUbe:
Then, I don de swallow fufu.

Let us see how bad our Naira has depreciated.

Computing the dollar equivalent of N246 in 1983

In 1983, $1=0.724NGN
Therefore $? =246NGN for sewing machine

Cross multiplying

N246 X 1$/ 0.724 = $339.77
is the price in USD of the machine in 1983.

Fast forward to 2019>>>>>>>>>>>>>>>>>>>>>>>

As at today, 2/02/2019, 1$ = 361.50 (official)

Converting the dollar equivalent of the price of the sewing machine in 1983 to today's value in Naira:

Since 1$ today = N361.50
Price of Sewing machine in 1983(in $) = $339.77

1$ =N 361.50
339.77$ = ?N

Cross multiplying

= N361.50 x N339.77/1 = N122,826.86 (value today)


Therefore, the price of that Sewing machine in 1983 can buy about 4 Butterfly brand sewing machines in 2019.


PS: Minimum wage in 1983 is about N300.

Our successive governments have killed Nigeria.

eghuan1:




Since you decided to not to use your eye and also abandon your brain in the bin outside your house, let me enlighten you a little bit.

You see in 1983, Nigeria was using naira and not pounds. But am sure you didn't know that, no problem.
But if you look at the top side, you will see Ogun state college of education, which means the receipt was issued in Nigeria.

But am sure you didn't see that too. But the amount written in words there shows the currency to be naira. But am sure your brain couldn't process that too.

Then coming to your question of exchange rate in 1983, as you can see it's been answered already so am to advice you to also change your brain while you're also looking for new glasses

Babacele:
No sir maybe you should ask OP to ask her sister or mom and they would tell you Shagari and NPN- the parents of PDP - destroyed by the same ' stealing is not corruption' attitudes which made mess of the oil booms of 1981, '82 where a barrel sold at $30-$34 and naira was 59kobo to a dollar compared to when OBJ handed over to Shagari when oil was $11/ barrel. While the unbridled stealing was going on in Shagari's government, there was no diversification of the economy nor a robust savings ,and suddenly international oil prices crashed and we were exposed as we were recently under a modern day Shagari- Goodluck Jonathan. Shagari ,cluelessly ,told us to prepare for austerity which okonjo Iweala called recession in an oil boom! Who inflicts pain on his people in the midst of plenty if not a callous person? NPN and PDP are callous. They started borrowing money pretending they were fighting inflation while they continued stealing but heaven in its infinite on each occasion brought Buhari to rescue Nigeria. The first time, we bungled it and, after 34 years in the wilderness God sent Buhari again to come rescue Nigeria ,and we won't allow that previous ,ugly history repeat itself.

So bro, it is PDP and its forebears-NPN- that destroyed the naira while fate has always placed the burden of the painful repairs ,and rescue on the shoulders of Muhammadu Buhari.

Omoluabi16:
Check family section. You just might be lucky.

victvames:
Thought it'd be like #2.50k

abu99err:

oh I wish a lot of our youths had your thought process, they will join hands with Buhari to rescue this great Country of ours.

Religion, Tribalism, Propaganda and subtafuge are tools that the Elite employ to their advantage, an averagely educated youth should no this and not become a foot soldier in their friutless war.

ibietela2:

And make things worse

Chi59:

Do you have the link to the thread in particular? What's the title of the thread?

Omoluabi16:
Don't have any link. Some people just occasionally give old things out, or offer to empower people there. Good luck to you.

Chi59:
Thank you.