₦airaland Forum

ahiboilandgas:
Pls my office sec told me she invested 450k in bara/Mba ...at 17 percent per months ....how do Nigeria people reason ....she lost 300k in MMM now this that it been 3 year on ......are Nigerian normal people or just greed driven.....i tire ooh

jedisco:
Some people are misrepresenting the currency conversion thing and are not considering the relativity which is the bedrock of the discussion. It's like comparing apples to oranges.

The fact is that even though basic items in $/£ may be more expensive when directly converted into Naira, looking at them in real terms, you'd see they are cheaper for those living and earning in the west. That's the advantage of having a stable currency with a high standard of living

Take certain examples.
1. Someone earning about 150-200k in Nigeria should roughly earn between £2000-3000 after tax working in a similar field abroaf. Asides rent (£350-550 or 15-25% monthly), you're likely to spend a greater percentage of your income on virtually every other aspect of living and still get a lower standard for such if you were in Nigeria.

Take food for e.g. Even if you set out to be obese, as far as u cook your food, it'd be very difficult to spend over £200-300 a month on feeding. £10-£15 would make you a full pot of stew which will include a large sized chicken, 3-4pcs of large mackerel, good quality rice + fresh vegetables/salad to go along. That pot would easily last a single person 2 weeks. Now what percentage of income has been spent about 0.5%. Someone in Nigeria would spend about 7,500 asides fuel for generator to get such which will translate to about 5% of their pay.

2. The scenario above cuts across virtually every other aspect like clothing, gadgets e.t.c. The only things relatively more expensive in the West are accomodation and cost of labour (if you're paying someone to do a job).

The same ratio would apply to fueling vehicles. Even though fuel is more expensive in Nigeria, you'd spend proportionately much more of your income fueling your vehicle than if you were in the west.

Take other examples;

3. Minimum wage in the UK is currently £8.7/hr. Most people earn more. Even if you take away tax (which they'd be paying very little if at all), a person earning that would likely live a more comfortable life than someone earning 100k in Nigeria not to talk of the 30k federal minimum wage and much lower amounts even graduates earn with states or the private sector.

The least one can get a male haircut is £10 (can easily be upto £30). Much more for a female hair do. So anyone doing any regular job, should earn enough to live life to some standard.
In Western countries, it really should be called a minimum living wage and conversely a barely surviving wage in Nigeria. Some people sit at home all day and still earn stipends from the government which are enough to cater for certain things.

More examples...
4.The chap in the UK would from his 1month pay be able to sponsor himself to a regular holiday in any part of the world. The chap in Nigeria would have to save for several months just to get a flight ticket not to talk of visa fees e.t.c
There's a reason why developed countries have the most number of travelers/tourists. Most Nigerians/Africans don't travel for leisure even within Nigeria/Africa because we cannot afford it. A return ticket to nearby Ghana is well over 100k. A return ticket from between UK and France can easily be less than £50 or £100 for most parts of Europe

Same applies to phones, cars vehicles e.t.c.

Most of the used clothes, London phones and used/tokumbo (what we laughably now call brand new) cars we buy in Nigeria are items used by regular people in the West. Ask yourself why our middle class have been reduced to such if Nigeria was cheap.

What percentage of Nigerians would their total one year salary give them a recent tokumbo vehicle talk more of a new one. Someone in the west can get something similar with a few months pay and can even take a long soft loan for it.

Also, living in a developed society comes with some perks... There are always benefits to claim on certain items, you can easily get items and structure paying back over a while, most items bought new (no matter the price) are of relatively good quality because of consumer protection laws and a robust return policy, there'd always be a standard playground around where you can take kids to play for free, driving good vehicles/going on holidays/using recent gadgets all of a sudden would be regular items for you and not luxury. There's also good quality 'free' healthcare in alot of places

Like I said the only time when you may pay relatively higher is in paying for labour or accomodation. Even at that, you still get a better quality.

Wiseoldman:
Thank you for this, I stopped arguing with the guy/lady when it looked like he was soo convinced USD1,000 should be equal to NGN1,000 for Nigeria to make sense.

I'm a resident of one of the so-called first world countries, though I live and work in Naija now. So I know naija is cheaper by far and Naira can do more in naija than USD in US or EUR in France.

Ciao

Alexgeneration:
@ the bolded, if value is the key


Will you take $1,000 or #1,000 Regardless of where you will spend it ?


If you'd answer honestly, then that settles the matter.

ahiboilandgas:
But once Nigerians are unproductive and want thias to farm rice they will eat , Dutch to milk cow and export mill to them , Chinese to do poultry, Norwegians to do fish for the, europeans to drill there own oil , Indian to send petrol , China to do bulbs , sockets , buckets, toothpick , Japaneses. Cars South Africa to provide contents to be watched on tv ....and all Nigerians do is fight ethnic and religious battles online and play Najia bet and consume other people hard work we keep getting hit by the dollars ......dollars to yen is about 120 .....who cares it even Good for the Japanese affordable toyota to Americans.

Wiseoldman:
Bros what do you mean quality. How much is Nestle pure life in Lagos and how much is it in New York or Paris. This is manufactured by same Nestle.

Nigeria is really cheap, and the exchange rate story "no balance". The west sees what we are enjoying here.

Go to Ghana and ask them how much is that same bottle of water or fuel. All more expensive than naija.

Alexgeneration:
$1,000 will get you more than enough groceries for 2 weeks in the US and can comfortably feed you for 3 months in Nigeria, but #1,000 can barely give you a good pot of soup in Nigeria and maybe a bottle of coke and burger in US.


That write up is just some dumb analysis by an wannabe.

Alexgeneration:
If you really agree with the writer of this crap,

Which will you accept #1,000 or $1,000, regardless of where you will spend it?

DexterousOne:
The article is written by someone who does not know what he is saying


NGN more valuable than the USD, ?

Let's look at the income side

There is a proven stat

That roughly 2% of account holders

Take note; not Nigerians
Account holders
.that have up to N500K bulk sum

That's one
Two
Moat Nigerians cannot boast of a N200k monthly income
Even professionals

When doctors and nurses and accountants are earning the equivalent of what blue collar workers will reject in Britain
That's when you know how useless the currency is


You say things are cheap and on that basis, the naira has more "weight?"
What will you say about the vietnamese dong that is far weaker than the NGN and can buy you more in Vietnam

Does that mean that the Dong is more valuable than the naira?


The only part of the article where I believe he is correct

Is where he talks of our lack of productivity
That one is a big stain on our country.

But as for the rest of what he said
That's crap


There is an economic underpin called CHOICE

The more elbow room for choice you have
The more viable and sound an economy is

If he chooses to eat or buy all that crap he listed
That's his choice
But others who choose to buy other stuff
That's their choice too


Economic layman trying to sound smart

Leezah:
Pls thank the author of this piece for me. I like it raw as it is�

THE VALUE OF THE NAIRA: A REVELATION THE VALUES OF NIGERIANS!

A currency's value is what is can fetch those who use it as a means of exchange!

Those in America use dollars and those in the UK use pounds sterling. Emiratis use Dirhams and Indians Rupees. Nigerians therefore use the Naira.

The Naira today, is equivalent to 600 units to the GB£ and 500 units to the US$.

Though we are quick to lampoon the Naira as worthless, but let us compare how much value each of these currencies equivalents fetch their owners/holders, within their borders?

In the US, a dollar ($) may not buy you more than a small bottle of water, while N500 will buy you a pack of 12 of the same bottles of water in Nigeria!

A pound (GB£) may not buy you even a small loaf of bread in London, but in Lagos, N600 will buy you and your partner, breakfast for 2, consisting of one N250 big loaf of bread, 4 fried eggs and 2 bottles of water!

Days ago, I bought 50 pcs of medium size oranges from the Ketu fruit market for N1,000, that's just $2! I bought 3 pineapples for N500 ($1)!

A litre of fuel costs N160 in Lagos, but cost $0.86 (N430) in New York! While I know people who pay cad1,700 (N500,000) per month for their glorified room and parlour self-contained in Ottawa, that is what a friend pays in 6 months, for a 2 bedroom apartment, with separate toilet, bathroom and proper kitchen, in Dolphin Estate, Ikoyi!

So why do Nigerians make so much noise over the value of their currency, when it still fetches them more value than the other currencies that they pitch the Naira against? The answer is simple: the "values" of Nigerians!

While Nigerians reacted with consternation at Dino Melaye's obnoxious display of his stolen wealth, the average Nigerian behaves exactly like Dino Melaye! From the man on the streets to the Churchpreneurs who claim to represent God!

They produce nothing, but want to flaunt everything!

Someone lamented to me about his wife's tenant, who has failed to pay N120,000 rent, for nearly a year, but slaughtered a ram and made festivities, worth N150,000, during the last Moslem "Ileya" festival!

Ask me what the idiot produces? Zilch!

Had this same debtor taken the N150,000, wasted on the one day feasting to the market, it will be more than enough to set up a fried Yam, sweet potatoes, Akara business, that can net him N300,000 monthly, and take him out of poverty and debt forever!

So, because Nigerians are unproductive at home, but consume from used clothes, to fake hair and eye lashes, to even PMS, from the abroad, they keep whining about the value of the dollar/pound-sterling against their currency.

There are universities in Nigeria, and I had my education entirely in Nigeria! So, if I chose to send my children abroad, what is the headache of the government in my personal decision, should the currency in their country of choice proves unaffordable to me? Who send me?

My personal definition of the problem with Nigeria is that, the policies of the State are manipulated to suit the indulgences of certain classes of Nigerians, who feed fat on the miseries of the masses.

Government resorted to importing fuel because some privileged Nigerians criminally destroyed our refining capacities. Rather than punish them, we put the punishment on Nigerians.

Government "subsidized" the same imported fuel, to create artificial opportunities for some privileged people to loot our treasury, under the artificially created system of "subsidies".

These Nigerians and their fraudulent economists should stop fooling themselves about the poor exchange rates of the nation's currency. 95% of the citizens of this country need food, water, Medicare, etc, obtainable in Naira!

If some useless, lecherous and unproductive, yet entitled, vanity flaunting elements like Dino Melaye, need foreign currencies to feed their insanity, what has that got to do with Nigeria?

If you want to indulge in the zero nutrition Orange, imported from wherever and sold at times ten that of super tasting Oranges from Benue, must Nigeria care about your price plight? Who send you?

If you chose Pizza over Aboki freshly cooked spicy bread and eggs, please find enough Naira to indulge in your borrowed Italian taste. #KokanAye!

This argument over our poor currency is a lie of the elite to pass their problems as everyone's!

Days ago, I made a 4 litre bowl of cooked beans (enough to feed at least 8 adults) from a N200 ($0:40) measure of beans! Add another N500 ($1) worth of sweet potatoes, and you have a super nutritious meal for 8 adults!

That's less than $3 in total, N1,500 (including the costs of other stuff like onions, peppers and oil), to feed 8 adults?

Before you complain that the Naira is weak, tell me what you need the foreign currencies for, and #Eruobodo will show you how you and Dino Melaye are related!

Copied!

ojesymsym:
@ahib, this na your kind of thread. Just couldn't help laughing

https://www.nairaland.com/6139266/naira-more-valuable-than-dollar

ahiboilandgas:
this what we have been trying to points out....

ahiboilandgas:
Nigerians are very amazing people ....Nigerians want to import very thing for their consumptions in Nigeria and even hold their monies in other people currency but yet want the cbn to have imaginary dollars alway at good rate for them ..where will the dollars come from ? .....oil and crash ....so what next......from where? Imf loans ...

ahiboilandgas:
Nice it seems Cbn is reading my advice on dorm holding closed the damn thing for individuals only firm that truely need dorm or earn dollars should be allowed ...u can't be in Nigeria and saving money in dollars in Nigeria banks this it like our sovereignty beem abused ....if u must come to Nigeria do live or do business u must spend in Naira his our mark for exchange of goods and service..Nigerians cannot be holding 20bn unproductive dollars in dorm accounts with short call while the importers of equipments and raw materials are starving....

awesomeJ:
Well I think Agbaje's tenure will reach 10 years in 2021, maybe he's not ready to retire. But he can't be MD for longer than 10 years owing to CBN's restriction.

So what do you do?

I guess convert to a HoldCo like FBNH and STANBIC, then GTBANK becomes a subsidiary with it's own MD, and Agbaje can the climb up to become CEO of the parent HoldCo. They'll have the bank as well as a PFA, asset management firm etc as subsidiaries.

The reason for the conversion may be totally different from my opinion stated above, but the plan to convert has been announced.

Nigsrdumb:
Na envy go kill una, everything you say reeks of jealousy.

If a man says he has 300k , that is his own trouble.

Wetin concern you with how much people have .

Mr multiple personalities , aka abnormal human being aka lazy youth

Philantropists:
The fact is that Okocha didnot lose money to Société General Europe, Sariki and his cohorts ran a local game and that is most likely the answer to your misinterpretation.

Sariki has nothing to do with Société General Europe, he is no where in the history of Société General Europe, here are some facts.

DexterousOne:
It doesn't


The CBN governor is an independent person

The president cannot be giving him orders

It does not happen anywhere else (maybe in other useless African countries sha)

Trump can NEVER order Jerome Powell to take action


What he can do is to instruct the treasury
That's very different

But Nigeria
Everything jaga jaga and scatter scatter
And the people have normalised the crap

emmanuelewumi:
The signs are all there,we can all see it, just left him to keep on fooling around . But the lady who exposed him should have allowed him to keep on dancing naked for another 2 weeks before the exposure.

I am a pilot.
I export stockfish..
I buy crude oil.
I am a guru in finance and Investment
I want to buy N1 billion worth of Treasury Bills, how can I go about it

That is what I call jack of all trades, master of all

ojesymsym:
Even if it 200 thousand naira they want to sell it, they should sell it.
That 2007 reversal was disastrous, one of the things I wish never happened.
If you have a link to the news, I go like read am abeg.

ojesymsym:
Even if it 200 thousand naira they want to sell it, they should sell it.
That 2007 reversal was disastrous, one of the things I wish never happened.
If you have a link to the news, I go like read am abeg.

emmanuelewumi:
This is breaking news. FG to sell its shares in the 4 refineries.


Definitely the group of investors that will buy essh of the refineries, will invest more than N1 billion.

If they get it right they should make huge profit from the investment.

Stocktrader:
This discussion ends here, I don't need unnecessary reply. I stated my calls to the ban customer care which is more than enough to get what i need but ended up being disappointed.

ahiboilandgas:
are u for real ? U dont have account officer to call or mail.

Stocktrader:
Mr, not everyone is in your country , and a reason for that.

ultron12345:
Did you know that Olam International, one of the world's largest agri-business multinationals with revenues of over $26Bn, was founded in Nigeria by Indians in 1989.

I wonder what Nigerians were complaining about back then or what excuses they were giving. Decades from now, we'll hear of more Lebanese/ Chinese/ Indian multinationals founded in Nigeria today, while Nigerians do nothing but complain and blame government

Tvegas:
Suddenly Dollar has dropped to 430/440 at the Black market just on expectation of FX sales by CBN. This confirms CBN position that there is no real demand backing recent increases. Its all artificial and speculative plays. Its well with this country.

DexterousOne:
Why would anyone suggest closing down dormiciliary accounts?

What is the sense or rationale behind that?

TransAtlanticEx:
Actually yes.
I'll only intervene when things are going out of hands,like say beyond 600.

TransAtlanticEx:
Trucks,pick up trucks,vans,cooling rooms,etc...

awesomeJ:
what if someone else gets there before my offshore bankers and thinks he's got a windfall? What happens to my sweet $$$�

ahiboilandgas:
clear articulate points......i suspect say u be cbn staff .........enough data ..

awesomeJ:
Yes it is. I'd really like to know.

The CBN bans dorm accounts, someone is saying offshore banks, I buy my $100 or $12000 per week from aboki, how do I get it to them for deposits.