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Nairaland Forum / Nairaland / General / Politics / Naira V Dollar: How True Is This Statement (6169 Views)
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Re: Naira V Dollar: How True Is This Statement by SIRTee15: 12:04pm On Dec 06, 2020 |
thebosstrevor1:Nigeria just like any other 3rd world country is cheap to live in compared to developed countries.... The question is what is the purchasing power of the citizens themselves .....Most Nigerians spend their salaries on basic items like food, shelter and other necessities. The disposable income is very low and that's why Nigerians are poor. And the more the naira is devalued against the dollar, the worse it gets. Most especially for a country like Nigeria that's import dependent. |
Re: Naira V Dollar: How True Is This Statement by Nobody: 12:05pm On Dec 06, 2020 |
jmoore: You didn't make any sense. You can't compare 500 dollars to 500 naira, it makes no sense at all. Imported goods are expensive but local goods are cheaper and they get low because of labour cost. A country where labour cost is cheaper and abudant, price of goods and services falls. 2 Likes |
Re: Naira V Dollar: How True Is This Statement by themaestro08(m): 12:09pm On Dec 06, 2020 |
Praxis758: Argument is pointless. Here is a source backing my claim.https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.expatistan.com/cost-of-living/baltimore&ved=2ahUKEwjlgIXgm7ntAhUcBWMBHXrDCREQFjAQegQICRAB&usg=AOvVaw0CFMSzCUSUkb3-uH_uMVv4 |
Re: Naira V Dollar: How True Is This Statement by Nobody: 12:10pm On Dec 06, 2020 |
SIRTee15: Things are cheap in Nigeria because labour is abundant and cheap thus to produce one goods will be cheaper compared to a developed country. The devaluation of the dollars only affect imported goods not locally produced goods. Many Nigerians buy locally made goods because of their disposable income, ths rich buy the imported goods, they are the ones mostly affected by the fall of the naira. Haircut is expensive in the US because of high labour cost. Haircut in Nigeria is 300 naira very cheap. 1 Like |
Re: Naira V Dollar: How True Is This Statement by kapelvej: 12:14pm On Dec 06, 2020 |
Sirfrederick:The only sensible person has spoken. What does it take to make a dollar and 500 naira. 5oo naira is like 4 hours job for those earning 30k a month. 1 Like |
Re: Naira V Dollar: How True Is This Statement by Aflix(m): 12:20pm On Dec 06, 2020 |
thebosstrevor1:If it's so, why then is bag of local rice not 200 naira since it's 200 dollars in America The price of almost every food stuff has skyrocketed under Buhari. |
Re: Naira V Dollar: How True Is This Statement by Nobody: 12:27pm On Dec 06, 2020 |
Aflix: Transportation cost, different, different import tax system, inflation rate can affect the price of imported rice. A bag of rice cost 30k in Nigeria A bag of rice cost 200 dollars ( 76k) in the United states Yeah, the price of goods have skyrocketed but they are still cheaper when compared to goods in the United states. 2 Likes |
Re: Naira V Dollar: How True Is This Statement by Nobody: 12:28pm On Dec 06, 2020 |
thebosstrevor1: I disagree but even at that !how many people earn $1000 per month in Nigeria ? Don’t even forget that I earn that wage as semi skilled worker ! What makes the economy to be so comfortable? Majorly food? It’s quite affordable for rich and poor alike here |
Re: Naira V Dollar: How True Is This Statement by Nobody: 12:31pm On Dec 06, 2020 |
olymyk: Food, shelter and clothing are more important than dell computer, iphone and cars. Needs like food is more important than wants like computer. You are not going to spend that 1000 dollars in Nigeria but in the United states, you 4000 dollars a month in the United states can disappear in 2 weeks because of the high cost of living while a person earning 1000 dollars a month in Nigeria will have a very comfortable life and still have 500 dollars left because of low cost of living. |
Re: Naira V Dollar: How True Is This Statement by Couzy21(m): 12:32pm On Dec 06, 2020 |
Lol, this is a very funny topic, you almost got me there, the topic isn't making sense since we aren't going to be spending the dollars here, the real comparison should have been ' what can 1naira buy here and what can 1 dollar buy over there' and you tell me your summation. |
Re: Naira V Dollar: How True Is This Statement by Praxis758: 12:32pm On Dec 06, 2020 |
Read all my comments. I never justified the wide gap. I was merely analysing the variables in the two local economy. I'm not an enemy of economic progress to start praising govt for the devaluations. I wrote earlier that the govt is the sole beneficial of devaluation while the masses become victim. olymyk: |
Re: Naira V Dollar: How True Is This Statement by Ayed44: 12:44pm On Dec 06, 2020 |
Saifulah:Nigeria's currency is naira while America's currency is the dollar. In America u can buy things with one dollar but can u by things with one naira in Nigeria? Also, if u smuggle one dollar into Nigeria, it will be very useful for u in Nigeria but if u smuggle one naira into the US, will it be useful in America? This thread is one of many calculated campaigns by the government to deceive Nigerians 1 Like |
Re: Naira V Dollar: How True Is This Statement by Aflix(m): 12:51pm On Dec 06, 2020 |
thebosstrevor1:Why are you talking about import tax for locally produced goods And you cannot compare making 200 dollars over there to making 30,000 over here. The lowest paying jobs over there is far more than 200 dollars a month. The Government needs to invest heavily into agriculture for us to really enjoy the benefits of locally made goods. We can have something like Nigeria farm(Something like the one we had under Obasanjo) When Government gets involved, they indirectly control the price. And also, our price commission body needs to start working. They are literally non existent in Nigeria. |
Re: Naira V Dollar: How True Is This Statement by SIRTee15: 12:59pm On Dec 06, 2020 |
thebosstrevor1: There are so many factors of production, cheap labour is only one of them n is becoming insignificant anyway. Wages are very low in nigeria compared to cost of living. It's a fallacy to say cost of living is cheap in nigeria because it's not. For a country with developing economy status, nigeria is expensive to live in. |
Re: Naira V Dollar: How True Is This Statement by Nobody: 1:14pm On Dec 06, 2020 |
SIRTee15: Cheap labor is very important and not insignificant. It is the reason why American manufacturing was moved to china. Cost of living in Nigeria is cheaper when compared to developed country. A person earning 500 dollars a month in Nigeria can live a good life. 500 dollars in the United states cant rent a good apartment in many states in America 1 Like 1 Share |
Re: Naira V Dollar: How True Is This Statement by Nobody: 1:16pm On Dec 06, 2020 |
Aflix: I was writing about imported rice. Import duty affects the cost of imported rice. Also i am not comparing, i am just giving you a clue of the cost of living in Nigeria and america. |
Re: Naira V Dollar: How True Is This Statement by jesmond3945: 4:47pm On Dec 06, 2020 |
earning 1k dollars a month in naija can give you a 2 bedroom flat in the city and 4 bdr flat in bungalow in the village within a year earning that in USA is high level poverty. |
Re: Naira V Dollar: How True Is This Statement by NairalandSARS: 4:49pm On Dec 06, 2020 |
Saifulah: Compare minimum wage of 7$ per hour to minimum wage of 176 per hour(assume 8 hours a day, 22 days a month). An American can easily buy those items with an hour wage, but a Minimum wage Nigeria has save 3 hrs to buy stuff of 500 naira. 1 Like |
Re: Naira V Dollar: How True Is This Statement by jesmond3945: 4:50pm On Dec 06, 2020 |
Ayed44:our consumption appetite and high level importation killed our currency. But still is very cheap to live in naija. |
Re: Naira V Dollar: How True Is This Statement by jesmond3945: 4:53pm On Dec 06, 2020 |
Aflix:I think it is because the demand for rice outstrips the supply. And then supply chain too unlike in USA where there are so many substitutes |
Re: Naira V Dollar: How True Is This Statement by SIRTee15: 6:31pm On Dec 06, 2020 |
jesmond3945: Is cheaper to live in any 3rd world country...not only naija. Yet that doesn't make them better. U live like a king earning 1000 dollars in Burundi, Togo malawi or any 3rd world country. The question is how many people in those countries earn 1000 dollars per month? Whats the disposable income in those countries? That's the point. Enough of all these deceptive analogy, they only intend to cover up for this govt inefficiency. 1 Like |
Re: Naira V Dollar: How True Is This Statement by jesmond3945: 7:30pm On Dec 06, 2020 |
SIRTee15:it is easy to make that amount if we are a highly exporting nation. The only thing we export now is only oil. However, we are also exporting ict expertise and solutions. I have friends making thousands of dollars from that in naiaj. I don't mean yahoo. |
Re: Naira V Dollar: How True Is This Statement by SIRTee15: 8:03pm On Dec 06, 2020 |
jesmond3945:Diversity in export automatically takes u off 3rd world status. for an average Nigerian to earn 1000 dollars monthly, nigeria will boast of a GDP of over a trillion dollars. With average GDP per capita of more than 10 thousand dollars and total export in manufactured goods n services will also be over 250 billion dollars. It's not an easy job...it takes lots of hardwork n discipline..ask Chinese. Most 3rd world nations are poor because they export only one primary product which is naturally insufficient. Same thing with Nigeria. Nigeria is not even recognised among the significant ICT service export nation so I wonder where your fallacy statement came from..So I'm not even going to debate that. |
Re: Naira V Dollar: How True Is This Statement by BeLookingIDIOT(m): 9:57pm On Dec 06, 2020 |
DamnnNiggarr:"Imagine comparing 100 centimetres to ordinary 1 metre" - this is how you sound like. 1 Like |
Re: Naira V Dollar: How True Is This Statement by jesmond3945: 10:49pm On Dec 06, 2020 |
SIRTee15:our ict export is growing, paystack made 500 million dollars. It is unfortunate that the government don't want to invest in that just like india did. |
Re: Naira V Dollar: How True Is This Statement by psyco: 10:59pm On Dec 06, 2020 |
Ayed44:It should be naira vs dollar. Kobo vs cent! |
Re: Naira V Dollar: How True Is This Statement by DamnnNiggarr: 11:02pm On Dec 06, 2020 |
BeLookingIDIOT:1$ is to Americans as 1 naira is to Nigerians. $500 is to Americans as 500 naira is to Nigerians. When next you're comparing 500 naira to $1 make sure to compare $500 to 1 naira. It's as simple as that. |
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