₦airaland Forum

seanblaise:
All things being equal, is your university degree in Nigeria not equivalent to College degree in America? Or is a University degree in China not the same thing as a college degree in America?. Different names, same thing. Where you argue is when you compare the value of of both degrees. This is the reason why I get so angry when government try their artificial solutions to make the naira strong. How can you keep on 'subsidizing' the naira? Allow the naira to flow in the market then you will know the exact equivalent of the currency. Officially, federal government is pegging the exchange value at 380 naira per dollar. But the actual value of the one dollar is close to 500 naira in the open market. What they do is this, when government wants to spend money in dollars, the CBN exchange for them at 380 naira per dollar ( same thing with people like dangote, otedola, Arthur Eze). This means that government is indirectly stealing 120 naira from the coffers of the nation to fund their spending. Now if we use the market value of the dollar which is 500 naira, and every one accesses dollar at the market value (including the government) then they will realise that Nigeria as a nation is actually spending more. This is the reason why there is hike in fuel price, electricity price etc. They are trying to use every avenue available to cushion the effect of the dollar on national spending. If Buhari was wise or if he surrounds himself with wise people, he will know that man Labour is still very cheap in Nigeria, hence he will ban importation of EVERYTHING we can locally produce. In doing this, he will save a lot of forex then we can focus on learning to manufacture those things we can not produce in Nigeria.
Here is a secret the west will not tell you; Oil is still VERY VERY valuable although its not the cleanest source of energy but they have been able to understand the mechanism of action of crude oil to a very high extent. In china for instance, they can develop any kind of machine you want as long as it works on crude oil derivatives. These machines work in the same principle ( conversion of chemical energy into mechanical energy).
P. S. I study economics for fun.....

Even at N500 per Dollar, i dey tell u, it is still subsidized. If they allow free flow market to determine currency value, Nigeria under this Buhari regime can sink as low as N1500 per dollar. If they born d government well, let them try it and kukuma sell d country on eBay. How many Nigeria crude oil ships are still parking on the ocean as they continue begging for buyers. Crude oil accounts for more than 90% of what makes other currencies exchange with naira. Now that crude oil sector is shaking, which other aspect of economy is making people want to exchange with naira, very few. That's why the govt keeps subsidizing the economy, if they don't Naira is finished and they know it.

@iHart, you are manufacturer, so you should understand better. Let's even ignore the terrible FX and focus on local manufacturing. For a product that is 100% manufactured in Nigeria locally with 100% local materials VS a product that is 100% manufactured locally in America, against the local currency in each country, which currency gives you the higher purchasing power: is it Naira or Dollar? Even in this regard, the naira fails. As per their own shale oil, locally refined, Americans buy petrol like $0.6 per liter approx. (or like under $3 per gallon). Many people including me used to confuse it sometimes and quote this per gallon figure as per liter figure. Let's forget about current indices of importatiok of fuel and base our computation 100% on local refinery for Nigeria. As per 100% locally manufactured Nigeria crude oil and local refinery aka Dangote refinery (when it starts working), willl Nigeria ever sell petrol at less than N1 per liter? Even in the dream, it can't happen. Yet some people say Naira is better than dollar. This kind of lie is EVIL!

iHart:
if you want to go by equal grounds, I can bet that Nigeria produces more naira millionaires than dollar millionaires in US. What is even one million naira? #100, 000 x 10. So you see, you can't compare the value of the currencies on equal ground. Every currency and its purchasing power is peculiar to their local economy.

Lies! America produces more billionaires per year than any other country in the world; and before you become a billionaire you must pass millions. How many billionaires does your country produce per year? Legitimate business not yahoo yahoo and government looting. You can't be bringing up imaginary facts. America has statistics about the wealth creation in its economy. Then common sense should tell you that the biggest economy in the world will also be producing the biggest wealth. I mean, this is a very common sense. How can someone even want to debate on what is already obvious.

Lol, wrong thread . Tot I was in the naira vs dollar thread

iHart:
if an american company pays their staff $25, 000 per year, will you accept to work remotely for that company from Nigeria for a pay of #25, 000 per year?

See, don't come up with half intelligent discuss. If you want to talk about wages, then let's talk from a point of total intelligence.

How much is the highest minimum wage in Nigeria? N30,000 per month.

How much is the highest minimum wage in America? $15 per hour. Now average legal working hours = 40 hours per week = 8 hours per day (calculated at five days a week). Therefore, you have it as 40 h/w X 4 weeks a month = 160 hours per month. So highest minimum wage = $15 x 160 = $2,400 per month.

Therefore,

Highest minimum wage Nigeria = N30,000 per month (20 days)
Highest minimum wage America = $2,400 per month (20 days)

As a human being that you are, please be 100% honest, question number
1) where would you rather work for highest minimum wage, Nigeria or America?
2) which country will give you the best quality of life and best value for your money when you spend it, is it Nigeria or America?

iHart:
if you want to compare the two, you do it using the equivalent values. So in your imagination, you want $1 to be equal to #1, so that when you get #100, 000 it becomes $100, 000? Do you know that an average person in US don't make $100, 000 in a year but an average business man in Nigeria can make more than #100, 000 every month? Our environments are not the same, you should not be comparing our currency head to head with that of dollar

Mr man don't be clever by half, if you want to compare, compare of equal grounds. You can't be mentioning average business man in Nigeria and then saying average person in America. Why not say average business man in America too. Cuz that will expose your errors. Do you know how many millionaires America produces per year? Far far far better than your Nigeria.

Valkan:
get ur facts right next time the post below was copied from quora


Where I live in Ohio here’s what $1 can buy you:
-About 6–7 standard packages of Ramen or 4 Ramen cups
-2 pounds of standard dried brown or white rice
-1–2 cans of kidney beans/other kinds of beans
-If you are lucky you can buy a basic slider hamburger (dollar menus no longer exist for sandwiches so a mini hamburger on a tiny bun)
-a couple of tiny bread rolls
-Generic cheese and maybe 1 or 2 baby bell cheese rounds
-A bag of generic chips or a tiny bag of name brand chips
-A chocolate bar
-1 avacado
-small bag of carrots
-Spaghetti in a can
-Pasta

and also Since July 24, 2009, the federal minimum wage is $7.25 per hour. As of January 2020, there were 29 states and D.C with a minimum wage higher than the federal minimum. That is an equivalent of 3600 naira,meaning if I work half a day 7.25*12 I will earn $87 I.e 43000 naira

don't mind these jokers. They think it's everyone that's not exposed, so they want to concoct useless lies to defend this useless govt that has further destroyed the Nigerian economy. They are trying to justify Buhari regime failure. Later when Dangote refinery starts and they turn fuel price to N500 per liter, they will form another story and tell us how Americans buy fuel at nearly 1 and half dollar per liter. But the idiots forget that WE ARE NOT LIVING THE SAME QUALITY OF LIFE THAT THEY LIVE IN AMERICA.

Csami:
Exactly. That's just insanity or brainless fellows making that comparison. I'm sure both naira and dollar started equal in the beginning.

Naira and dollar didn't start equally from the beginning. As at the early 1930's / 40s, Naira had more value than dollar. $1 = 50 Kobo, and then N1 = £1. My grandparents (God rest their souls), used to tell me. They lived in this era.

Let's not even talk about exchange rate alone, let's look at it from the angle of quality of life and the purchasing power within the local economy. Nigeria produces garri locally, all raw materials to manufacture garri are local based. How much is the cheapest garri? A very tiny nylon is N20. Go to America and Europe. Do you know what $20 or £20 can buy as per locally manufactured goods in those places? You can buy more than 20 units of full big boxed cereals. Some cost like 50 cents per box, that means you can buy 40 of those types with $20. Yet one idiot liar is still concocting useless lies that Naira is more valuable. In America, you can buy a latest 2020 car with about $25,000. Car that they manufactured in their country. Innoson claims to be manufacturing cars and 80% of their manufacturing materials are produced locally. Ok if that's true, which Innoson car can you buy for N25,000? Or what's the cheapest Innoson brand new car? Probably nothing less than N4m, yet they claim Naira is better. Rubbish post!

Csami:
Most Nigerians don't have anything in their head. Comparing 1dollar to 500 that's insane. Why don't we compare 1dollar to 1naira

don't mind the idiot liars. In America, you can eat a buffet with $5. What can N5 buy in Nigeria? It can't even buy Tom Tom.

These people have come with their useless shameless lies. £1 pound will buy you a full box of Kellogg's cereal or Fruit and Fibre. There are less than $1 box cereals in America. What can N1 buy you here in Nigeria? May God punish all the workers of iniquity because these kinds of lies are nothing but evil and wickedness

Mumu Barcelona, they just made Athletico Madrid more stronger. Athletico wey don dey give dem problem before for field. Who dey advice dis club sef? Since Guardiola left, dey have been getting many tins wrong, nawa oh

To God be the glory

Ok

Ok

Kubernetes:
Hello,
So I bought three used smart phones from eBay.
The phones just came this afternoon via EMS post office.
The office called me and said my items have arrived,but I am gonna pay #41,000 as custom duty.This means I am am average of 13,000 per phone.
This is ridiculously high for a country who does not produce a phone.
It's also very surprising that the phones are even old used phones that reigned in 2006.


Edited.

I just collected them.

1..Hp ipaq glisten,cost is w $48 and the duty I paid is #600.

2...Hp ipaq h6318,cost is $10 and the duty I paid is #300

3...Iphone 10,the cost is $450 and the duty I paid is a whopping #41,000

they didn't overcharge you. Nigeria Customs duty rate for phones is about 17% price of the item. Based on your purchase price of $450, and then they billed you N41k duty, that's roughly 18% duty or so depending on the exchange rate been used. So it falls within the range. You paid full duty, dazall.

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Ok

gnykelly:
where is your location

Lagos State, Nigeria. You can WhatsApp me here https:///+2348188284892 for better discussion

Another gateway for terrorists to troop into Nigeria.... issokay

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