That is 60 meals for a man on minimum wage.
Assuming all he does in life is wake, eat and sleep like an animal, he still wont be able to do it thrice a day.....
Just how glorious the Nigeria State is.....
Many nations will not get near this brimstone of severity before going up in flames and consuming all that resembles authority....
How Nigerians remain docile in the face of these abuses is the research topic for all time.

FreeStuffsNG:
You just made me miss the days of yore when Nairaland used to have members who give intellectual perspectives to issues of nation building. Now, it's mostly uncouth and intolerant responses.
Only if you know that it doesn't cost you anything to be civil and that it actually builds up your character in life whether offline or online.

Even in between the bashing lines of naira lander lies deep and undiluted truth. Nairalanders most often analyse events from reality point of view because most of them are in direct touch with reality. In 2013 when I was starting life I could prepare a pot of 3 cups of jollof rice with N400 including the cost of rice, condiments, spices, tomatoes, crayfish and fish or meat. Tell us how you can feed with N500 today. We must not lie to ourselves and don't label people's comment irrational because they spoke the truth contrary to your view.

What is the rubbish about the Naira being strong locally but not strong outside? Is he in touch with reality?
Is the strength of a currency not checked against its ability to compete favourably with others in the international market?

He said despite the downward trend, “Our naira is still very strong locally. With N500, an average Nigerian can still feed himself or herself today but when we look at N500 in terms of a dollar or a pound sterling equivalent, you can’t do anything with one pound on the street of London, you cannot buy anything meaningful with one dollar on the street of New York.

But how much work does one has to do in USA to get 1 dollar and how much do do in Nigeria to get N500?

Dottore:
I stopped reading after the trashy first paragraph.

I stopped reading the moment I saw NTA.

ijustdey:



https://punchng.com/forex-average-nigerian-can-feed-with-n500-naira-still-strong-cibn-ex-president/

Useless professor! How many Nigerians can hold the #500 in a day.

FreeStuffsNG:
Seems most people commenting did not read to understand that he is giving the true reality on ground and giving an intellectual angle for this unusual scenario. For example, few days ago, a Nairalander bought eggs, plantain, carrots, vegetables etc yet he spent barely N1000 or less than N1000,
https://www.nairaland.com/6755350/see-foodstuffs-bought-950-naira
that same quantity of food in US cost way more than $1.50 so it means locally the purchasing power of the naira is still strong .

The man just raised an intellectual poser and it is the reality that require more research.

My guess is that the intervention by CBN in agriculture really helped and the pressure on the naira could be because of speculators, cryptocurrency and rationing of forex by CBN.

I appreciate Punch for dropping their bigotry and hatred against PMB and for being honest enough to report such a fresh perspective on the forex and naira value issue.

Just like you've rightly said, just imagine if N1.50 could purchase the same item in Nigeria like $1.50 in the US.
1. Nigeria won't be named the poverty capital of the world.
2. Minimum wage earner will not only spend their salary on eating ones a day. They will also raise educated children, built small house and occasionally go on vacation outside the country.
3. The country will become prosperous with little or no frustration.
4. Graduates will be gainfully employed because low paying jobs will be attractive because of a higher purchasing power.
5. Foreign goods will be very cheap and the cost of doing business will be low.
6. Crime rate will reduce even yahoo business will no longer be profitable.

*what you and the op are saying is the reason the country is in shambles* yet you both failed to see you are major stakeholders alongside buhari in the failure of Nigeria as a country.

N.B.: $1 was #213 when your master took over power from Jonathan

FreeStuffsNG:
Seems most people commenting did not read to understand that he is giving the true reality on ground and giving an intellectual angle for this unusual scenario. For example, few days ago, a Nairalander bought eggs, plantain, carrots, vegetables etc yet he spent barely N1000 or less than N1000,
https://www.nairaland.com/6755350/see-foodstuffs-bought-950-naira
that same quantity of food in US cost way more than $1.50 so it means locally the purchasing power of the naira is still strong .

The man just raised an intellectual poser and it is the reality that require more research.

My guess is that the intervention by CBN in agriculture really helped and the pressure on the naira could be because of speculators, cryptocurrency and rationing of forex by CBN.

I appreciate Punch for dropping their bigotry and hatred against PMB and for being honest enough to report such a fresh perspective on the forex and naira value issue.

Bros, you said $1.50 dollar cannot purchase what N950 bought in Naija.

How much is $1.5? At parallel market, $1/N570, 1.50 times N570 = N855.
Imagine a Bachelor spending almost N1, 000 for every meal?!!!
Then, how much would a family od say, 2 kids and parents spend on each meal, and times 3 daily?
N4, 000 times 3, that is N12, 000.
Daily fa!!!

Haba, Haba!!!!

Even this Prof can not feed his family with N12k daily!!!

Nonsense and Buhari and Omefiele (Eyes service slowpoke).

True, but you go bellefull with the plate of food 500 go buy.

Supermarvel89:
What is the rubbish about the Naira being strong locally but not strong outside? Is he in touch with reality?
Is the strength of a currency not checked against its ability to compete favourably with others in the international market?

No wonder they ban cheaper foreign goods of better quality that the poor alone can afford E.g rice and poultry for extremely expensive inferior ones in Nigeria. Yet items meant for the rich alone were not banned from importation

Upworkwriter007:
Our intellectuals are soo disconnected from reality. If naira is strong because people can eat with 500 naira. What of the 27.4 million Nigerians that earn less than 100,000 per annum? It means this category of people can only spend there money on food and will only eat once every two days....You see, even the local value of naira is very week. If the president of Charters Institute of Bankers can talk like this, then we get big problem.

Is it a disconnect though?

Does he feed his family with N500 per person per day/meal?

He is talking of CBN rates:

When he travels to the US or shops on foreign sites, during conversion, do they use CBN rates? Or Aboki FX rates?

Is he claiming that speculated rates are respected outside the country than CBN rates?

Same CBN rates that are artificially low so that those in power/have influence can buy at a reduced rate.

This crab mentality will take us nowhere!

His calculations are misreading. The question should be the purchasing power of 1naira locally

What is this man even saying.The naira has really lost it's value and it will take the grace of God to make it return back to where it is.

FreeStuffsNG:
Seems most people commenting did not read to understand that he is giving the true reality on ground and giving an intellectual angle for this unusual scenario. For example, few days ago, a Nairalander bought eggs, plantain, carrots, vegetables etc yet he spent barely N1000 or less than N1000,
https://www.nairaland.com/6755350/see-foodstuffs-bought-950-naira
that same quantity of food in US cost way more than $1.50 so it means locally the purchasing power of the naira is still strong .

The man just raised an intellectual poser and it is the reality that require more research.

My guess is that the intervention by CBN in agriculture really helped and the pressure on the naira could be because of speculators, cryptocurrency and rationing of forex by CBN.

I appreciate Punch for dropping their bigotry and hatred against PMB and for being honest enough to report such a fresh perspective on the forex and naira value issue.

We r talking 500naira, u r listing things someone bought with 1000naira.
Can't u see there is difference?
The boy said he has rice and garri already... Lets assumed there is no garri or rice, will he fry that thing and eat like that?
Lets also factor the mode of cooking it, gas or stove, Can the 500naira buy even 0.3kg of gas or 0.3litres of kero plus the food he or she will cook?
Bread now is 250, satchet milk is 70naira, sugar is 2cubes 10naira, lipton tea is 20naira a satchet. That is 350. U go boil water with sun and use.

Look at his face like pig. Pig man

Bluntemperor:


I don't know what the man is talking about.
Assuming you have four or three kids,can you still buy with same foods stuff with the rising prices in the market compared to 2014 now.
The Naira is getting weaker and as elites,he should stop being economical with the truth!

Why would someone who can not comfortably buy food have 3 - 4 kids today?

Our Government are like P in Psychology sugbon we need to be very truthful to ourselves and HELP ourselves!

How would those kids go to school? Cloth properly? Do the parents even have a future plan for their kids?

FreeStuffsNG:
Seems most people commenting did not read to understand that he is giving the true reality on ground and giving an intellectual angle for this unusual scenario. For example, few days ago, a Nairalander bought eggs, plantain, carrots, vegetables etc yet he spent barely N1000 or less than N1000,
https://www.nairaland.com/6755350/see-foodstuffs-bought-950-naira
that same quantity of food in US cost way more than $1.50 so it means locally the purchasing power of the naira is still strong .

The man just raised an intellectual poser and it is the reality that require more research.

My guess is that the intervention by CBN in agriculture really helped and the pressure on the naira could be because of speculators, cryptocurrency and rationing of forex by CBN.

I appreciate Punch for dropping their bigotry and hatred against PMB and for being honest enough to report such a fresh perspective on the forex and naira value issue.

am sorry but u dont really make sense cos if 3meals cost #1500, it means a nigerian has to spend 45k each for month for food only, he still has to pay rent, cloth up, transport and pay other bills. This means with 100k a month he can barely take care of himself talkless of getting married and having kids. Now tell me how many pips earn up to 50k wen I know some graduates who still earn 40k. Now my friend in d UK without a visa doing menial jobs like cleaning, security etc rakes 1500gbp e month. Pls if u ar in ur comfort zone, u dont need to wind down from ur car to c dat nigerians are really suffering.

FreeStuffsNG:
You just made me miss the days of yore when Nairaland used to have members who give intellectual perspectives to issues of nation building. Now, it's mostly uncouth and intolerant responses.
Only if you know that it doesn't cost you anything to be civil and that it actually builds up your character in life whether offline or online.

Really don’t understand why people insult others on social media!! I have never done it before across all platforms but observe that both young and old enough people do it online,I believe they are like that offline too but May first pretend not to be till the hour cometh …is there a general anger management crisis??
How does one give so much power to others so much that they can control your emotions from miles away,how?

What you won't hear in the Nigerian media does not exist....

Decentdave:
The guy is saying the truth from an intelligent angle
Most commenter here won't understand because they are OND holder

and you a phd holder?

ijustdey:



https://punchng.com/forex-average-nigerian-can-feed-with-n500-naira-still-strong-cibn-ex-president/

This is someone's father.

Bastid!!!

Upworkwriter007:
Our intellectuals are soo disconnected from reality. If naira is strong because people can eat with 500 naira. What of the 27.4 million Nigerians that earn less than 100,000 per annum? It means this category of people can only spend there money on food and will only eat once every two days....You see, even the local value of naira is very week. If the president of Charters Institute of Bankers can talk like this, then we get big problem.

You can tell that he is nothing to do with poverty. He has no experience of what is going on with average man and the less privilege. He has stolen so well that all this money palava no affect am.

See the oliburukv guy face like that boss for predators....500 naira...shay na the average money wey your children dey spend daily be that...

FreeStuffsNG:
Seems most people commenting did not read to understand that he is giving the true reality on ground and giving an intellectual angle for this unusual scenario. For example, few days ago, a Nairalander bought eggs, plantain, carrots, vegetables etc yet he spent barely N1000 or less than N1000,
https://www.nairaland.com/6755350/see-foodstuffs-bought-950-naira
that same quantity of food in US cost way more than $1.50 so it means locally the purchasing power of the naira is still strong .

The man just raised an intellectual poser and it is the reality that require more research.

My guess is that the intervention by CBN in agriculture really helped and the pressure on the naira could be because of speculators, cryptocurrency and rationing of forex by CBN.

I appreciate Punch for dropping their bigotry and hatred against PMB and for being honest enough to report such a fresh perspective on the forex and naira value issue.

Can he buy the same food in Lagos or portharcourt for same price. Many Nigerians can't afford that. 500naira na big money for most

Can he feed himself with less than a dollar??

*Breaking News*

For the first time since the creation of the earth, the CFA is now more value-able than the Naira.
*1000 Thousand Naira is equals to 900 CFA*.

Thanks to Buhari's administration and it's economic team

See face

ijustdey:



https://punchng.com/forex-average-nigerian-can-feed-with-n500-naira-still-strong-cibn-ex-president/

Very true but what is the value of a currency that is strong locally but weak internationally?

Two things I know for sure is this,

Prof Segun Ajibola is
1. An objective Nairalander.
2. A card carrying member representing our darling daddy.

Decentdave:
The guy is saying the truth from an intelligent angle
Most commenter here won't understand because they are OND holder

No because they are so daft that they only read headlines before making comments.

To read and comprehend is like a curse to them.

He said despite the downward trend, “Our naira is still very strong locally. With N500, an average Nigerian can still feed himself or herself today but when we look at N500 in terms of a dollar or a pound sterling equivalent, you can’t do anything with one pound on the street of London, you cannot buy anything meaningful with one dollar on the street of New York.

For those who hastily countered, insulted or disagreed with the Prof. I think you need to review the excerpt above from his propounds.
The man is making a fine case of comparative economics - juxtaposing the local value vs cross border value of a currency, such that only guys with a sound knowledge of {macroeconomics) economics can appreciate.

Even in neighbouring African nations, whose economies appeared not as buoyant as ours, you'd see the Naira is undervalued there. Talk of exchange rates in Niger and Benin republics...

almarthins:


You can tell that he is nothing to do with poverty. He has no experience of what is going on with average man and the less privilege. He has stolen so well that all this money palava no affect am.

trust me he does, he presided over my case with my bank 3yrs ago. They kept inviting me to v/i almost evry week not minding the cost of transportation. Till date d case is unresolved.