Buhari and Yoruba Muslims have not hit the country then..

Good old days..

yet Yoruba Muslims are not done with the damage, they still want to install old Tinubu

Very expensive

That's a lots of money then

VladimirPutiin:
How much is the value of that money today ??

1 shawarma and a small bottle of coke

To get the 2k that time no easy na

tsdarkside:
stop dwellin in the past....it will do you no good....

Yes, the main reason where you don't know your date and place of birth!

The value of the naira has fallen because we aren't a producing country.

Crucially we do not produce goods in industries for export

Even then, by 1974 standards, that car is expansive. It would have taken 2 years of saving to buy that car.

In the early 1980s my pa bought a car at 13000 naira. 6000 was in the form of a car loan, rest savings

there is inflation every where

Lanretoye:
Before you save 2000 that year,body go tell u.

In some towns, only ten people could afford a car.

Can someone help me with price of a loaf of breath or bonvita in 1974 I want to do direct interpolation.

Even at that 1974, not everyone could afford that Saloon car. Only the rich would.

Just the way today, only the capable can afford luxury cars.

The unalterable law of life states that;


Things never had been, nor ever could be much better or much worse.



Accept this and you understand life in terms of living in the present and not the past nor the future.

zombieTRACKER:


Buhari and Yoruba Muslims have not hit the country then..

Good old days..

yet Yoruba Muslims are not done with the damage, they still want to install old Tinubu

By 1979, that car would have cost 4000 to6000 naira.

By 1983 it would be above 10000

By 1990 it would be 500000 naira

By 2010, one mil lion

The problem is, we are not an industrial nation. Thatis where all our leaders have failed. Buhari inclusive

iLegenddNoReply:
Let's assume 2,290 Naira is equivalent to Dollar at the time. If so, that means 2,290 Naira equals $2,290.

Using today's exchange rate of 594/$, that means 2290 * 594 = 1.360,260. Approximately 1.4 million Naira of today. With 1.3, you can buy a car today — even if it's tokunbo.

So, with this, it's wise to make your money in Dollar and convert to Naira. With this, you won't feel the difference.

but do u realised the car in discussion is a brand new?

iLegenddNoReply:
Let's assume 2,290 Naira is equivalent to Dollar at the time. If so, that means 2,290 Naira equals $2,290.

Using today's exchange rate of 594/$, that means 2290 * 594 = 1.360,260. Approximately 1.4 million Naira of today. With 1.3, you can buy a car today — even if it's tokunbo.

So, with this, it's wise to make your money in Dollar and convert to Naira. With this, you won't feel the difference.

that's a brand new car mumu, not tokunbo

farem:
See our dear lovely country Nigeria.
In 1974 a saloon car is sold at #2, 290 (Two thousand, two hundred and ninety Naira.
We need to overhaul Nigeria

Courtesy ; Daily Times 1974.

I hope 3 million won't look useless as 2,290 thousand next time they refer to our days, today. 2,290 we dey take rent uber/bolt today.. my next ride after paying ma bills, will ask driver to hand me over his keys.. n show him this pics in thread! I own the corolla hence, stealing by RENTING.

ba7man:
See American car prices from the 70s below.

That then government removes import duties

Asgard73:
See Yoruba economist dem up..

Guess the Nigerian situation of 2013 and 2020 is nothing but change in Year with same price

This humans are really empty...

By the time Tinubu becomes president .. and a bag of rice is sold for #50k ... Yoruba will tell you that is same price , only change in year.

Eleribu Omo Igbo

It's really true, people like you have inferiority complex towards the Yorubas.
What has Yoruba got to do with the post ?
The day you stop talking bad about Yorubas, that's the day your miserable life will begin to get better.

constant1960:
Is still same price just the year that changed

not true .At that time the price was almost the same in US. Now compare the prices in US it would be like 36000 dollars while Nigeria will be 18 million Naira.
The bottom line is our money has less value now than before.

subsidywise18:

By 1979, that car would have cost 4000 to6000 naira.
By 1983 it would be above 10000
By 1990 it would be 500000 naira
By 2010, one mil lion
The problem is, we are not an industrial nation. Thatis where all our leaders have failed. Buhari inclusive

old people who invest in London hospital will lead industrial revolution in Nigeria..

funny

Babaginda changed the value of Naira which also influences the price of commodities... Buhari's own is worst. There is a slight change in value and year but bad governance contributed more to increase of commodities.

LeoDeKing:

On point.

You don't expect a brand new car at that price, even in dollars.

The worth remains same, just a different year.

Product of a failed education

zombieTRACKER:


old people who invest in London hospital will lead industrial revolution in Nigeria..

funny

Sad but here we are.

Apc and pdp and even the millitary kept us dependent on selling raw materials rather than on industries

Also with the way nigerians and their government underfund power and the petroleum sector.

2,290 was not a small amount then.

It was very high to come by.

Life was very good then, without buying cars, unlike now.

20 months you can't save yout whole salary

phemmyfour:
N2000 that year na big money

Average salary back then used to be N200, so it LL take at least 10 months to save up to that

ok

WesternOligarch:
The average yearly salary of a mid level civil servant in the 70s was #2,500 and around #200 a month.

How is that related to this post?

Jeon:
hmmm now 2,290 naira is just like 10 naira.. Nigeria economy keep draining down.

Nothing drains up, putting "down" after "draining" is wrong.

farem:
See our dear lovely country Nigeria.
In 1974 a saloon car is sold at #2, 290 (Two thousand, two hundred and ninety Naira.
We need to overhaul Nigeria

Courtesy ; Daily Times 1974.

Do you mean you were supposed to buy this for $5 in 2022

ambale:


So where exactly u wan see a tokunbo car of 1.3m

I swear I don’t know oo… he doesn’t know the language tokunbo cars is speaking now. Even if Na Nigerian used, the car of 1.3m fit later kee you

In today's estimation, 2022-1977= 44yrs.
N2290 X 44 = N3,953,978 is the price in today's value.

iLegenddNoReply:
Let's assume 2,290 Naira is equivalent to Dollar at the time. If so, that means 2,290 Naira equals $2,290.

Using today's exchange rate of 594/$, that means 2290 * 594 = 1.360,260. Approximately 1.4 million Naira of today. With 1.3, you can buy a car today — even if it's tokunbo.

So, with this, it's wise to make your money in Dollar and convert to Naira. With this, you won't feel the difference.

Theunbothered:


How is that related to this post?

Gives you some background information.

If the value of the naira improves to the point where a new car costs 2500, your salary pf say 100000 would now go down to 100 to 400 naira or thereabouts

In 1974 the value of the naira was at an all time high . Oil price was high and remained so till 1982. We were also assembling cars here in Nigeria