thebosstrevor1:
This is for all those that love to say it is better to compare 1 dollars to 1 naira rather than 500 naira.

Comparing 1 dollars to 1 naira does not make economic sense, many currencies in the world does not have equal value to the dollar.

You can not compare 1 dollars and 1 naira, they are not of equal value.

You can't also compare 1 euros and 1 dollars, they are also not of equal value.

You can't also compare 1 pounds to 1 dollars they are not of equal value.

To get equal value of 1 dollars to a given currency you convert, you find for the equivalent of 1 dollars in a given country and then compare.

For instance.

1 dollars is equal to 500 naira.
1 dollars is equal to 0.71 pounds
1 dollars is equal to 0.82 euros.

Now, you compare, what will 500 naira get in Nigeria and what will 1 dollars get in the United states.

What will 71 pence get in the england vs what will 1 dollars get in America.

What will 82 euro cents get in the EU vs what will 1 dollars get in America.

That is how you compare.

Simplyleo:
OP, are you aware 1 biafran dollar is equal to $100 US?

thebosstrevor1:
This is for all those that love to say it is better to compare 1 dollars to 1 naira rather than 500 naira.

Comparing 1 dollars to 1 naira does not make economic sense, many currencies in the world does not have equal value to the dollar.

You can not compare 1 dollars and 1 naira, they are not of equal value.

You can't also compare 1 euros and 1 dollars, they are also not of equal value.

You can't also compare 1 pounds to 1 dollars they are not of equal value.

To get equal value of 1 dollars to a given currency you convert, you find for the equivalent of 1 dollars in a given country and then compare.

For instance.

1 dollars is equal to 500 naira.
1 dollars is equal to 0.71 pounds
1 dollars is equal to 0.82 euros.

Now, you compare, what will 500 naira get in Nigeria and what will 1 dollars get in the United states.

What will 71 pence get in the england vs what will 1 dollars get in America.

What will 82 euro cents get in the EU vs what will 1 dollars get in America.

That is how you compare.

slachtoffers:


At op in addition to comparing what would 500 naira get in Nigeria to what 1 dollar would get in USA, you should also compare the proportion of minimum of 500 to minimum wage in Nigeria and the proportion of 1 dollar to minimum wage in the USA. This will give an indication of how many percentage of your salary goes into the purchase of an item in which these percentage will then be compared item by item for the countries.

thebosstrevor1:
[[s]quote author=InaNla post=101697305][s]Omenka/simplicow, oya split your usual gibberish [/[/s]quote][/s]

Cryptodegen:
This post does not change the fact that Bitcoin will continue to pump and that crypto have produced more millionaires this 2021 than Internet scam!

InaNla:


Useless sycophants thread.

Cryptodegen:
This post does not change the fact that Bitcoin will continue to pump and that crypto have produced more millionaires this 2021 than Internet scam!

thebosstrevor1:
This is for all those that love to say it is better to compare 1 dollar to 1 naira rather than 500 naira.

Comparing 1 dollar to 1 naira does not make economic sense, many currencies in the world does not have equal value to the dollar.

You can not compare 1 dollar and 1 naira, they are not of equal value.

You can't also compare 1 euro and 1 dollar, they are also not of equal value.

You can't also compare 1 pound to 1 dollar they are not of equal value.

To get equal value of 1 dollar to a given currency you convert, you find for the equivalent of 1 dollars in a given country currency and then compare.

For instance.

1 dollar is equal to 500 naira.
1 dollar is equal to 71 pence
1 dollar is equal to 82 euro cent.

Now, you compare, what will 500 naira get in Nigeria and what will 1 dollar get in the United states.

What will 71 pence get in the england vs what will 1 dollar get in America.

What will 82 euro cent get in the EU vs what will 1 dollar get in America.



That is how you compare.

DubaiLandLord:
Some Nigerians are just so dumb. The person that first talked about comparing 1 naira to 1 dollar, I was shocked he had more than 300 likes.

thebosstrevor1:


There is nothing shocking in nairaland, if the word fool can get 200 likes, don't be suprised when dumb comments get 500 likes

DubaiLandLord:
The guy that corrected him that he can't compare #1 to $1 had just 15 likes on the thread about the Naira and CFA

Cryptodegen:
This post does not change the fact that Bitcoin will continue to pump and that crypto have produced more millionaires this 2021 than Internet scam!

thebosstrevor1:


That shows that the number of dumb people vs the number of intelligent people.

It seems the dumb people are more than the intelligent people on nairaland.

Tinubuadvocate:
Very very unnecessary explanation.

slachtoffers:


At op in addition to comparing what would 500 naira get in Nigeria to what 1 dollar would get in USA, you should also compare the proportion of minimum of 500 to minimum wage in Nigeria and the proportion of 1 dollar to minimum wage in the USA. This will give an indication of how many percentage of your salary goes into the purchase of an item in which these percentage will then be compared item by item for the countries.

thebosstrevor1:
This is for all those that love to say it is better to compare 1 dollar to 1 naira rather than 500 naira.

Comparing 1 dollar to 1 naira does not make economic sense, many currencies in the world does not have equal value to the dollar.

You can not compare 1 dollar and 1 naira, they are not of equal value.

You can't also compare 1 euro and 1 dollar, they are also not of equal value.

You can't also compare 1 pound to 1 dollar they are not of equal value.

To get equal value of 1 dollar to a given currency you convert, you find for the equivalent of 1 dollars in a given country currency and then compare.

For instance.

1 dollar is equal to 500 naira.
1 dollar is equal to 71 pence
1 dollar is equal to 82 euro cent.

Now, you compare, what will 500 naira get in Nigeria and what will 1 dollar get in the United states.

What will 71 pence get in the england vs what will 1 dollar get in America.

What will 82 euro cent get in the EU vs what will 1 dollar get in America.



That is how you compare.

MrMaestro:
Just to add, for the idiots, $1 = $109 Japanese Yen. And $1 = $5.27 Brazilian Reals. I want to hear the idiot that says Brazil has a better economy than Japan. Many people don't have a basic understanding of economics. Exchange rates have nothing to do with local cost of goods sold. Though the problem is Nigeria imports EVERYTHING. The moment we start to manufacture our own things, the less relevant these exchange comparisons become.

hargbolahan01:
you already answered the question yourself.... import EVERYTHING
Since we import everything with dollar we have no choice than to dance to it tune and try to keep it low so that we can afford basic things.....the reason why everyone cares about dollar is because it is tied with everything in our market