travelwaka: If you are visiting A French-speaking African country, there is a huge chance that you will be spending the Cefa. The CFA Franc (Cefa) is the official currency of eight west African countries which includes the Republic of Benin, Togo, Mali, Guinea Bissau, Senegal, Niger, Cote d’Ivoire, Burkina Faso.
In total, the Franc is used by 14 countries in sub-Saharan Africa. Each of these countries belongs to either the West African Economic and Monetary Union (WAEMU) or the Central Africa Economic and Monetary Union.
back in the days , 1 naira used to be between 3 cefa but as of May 2021.
1 Naira is 1.1 CFA 10 Naira is 11 CFA 100 naira is 110 CFA 1,000 naira is 1,100 cfA
Few years ago 1,000 naira will get you 3,000 CFA but today 1,000 naira is 1,100 cefa.
travelwaka: The moment you realize that an IPhone 12 is 1500 dollars where as it's 500,000 in Naira. You realize this analysis is just wrong. Your analysis only make sense to a Foreigner coming to Nigeria. But imagine a Business owner or manufacturer who used to buy a $100 resources at 15,000 when dollar was 150 naira then all of a sudden the same resources after 5 years is still $100 but it will now cost him and 46,000 naira which is triple the original price.
Whenever your currency is going bad it only favours foreigners coming into your country it doesn't favour the citizens.
From your analysis. A foreigner who can only buy 1 bottle water with 1 dollar comes in and all of a sudden he can buy 6, but you who is supposed to buy 6 goes into the international terrain, you can only buy 1.
You are wrong!! Nigerians resident in Benin Republic but coming into Nigeria will be favoured by the drop in naira. It only affects you as a Nigerian if you are a going to Benin Republic newly.
Please read again.
I said the exchange rate is making living unbearable for Nigerians who reside in Benin( especially in Cotonou)
Especially students( even though the influx of students has reduced) , and car agent (demarches)
[quote author=igbosoupkitchen 100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT
[/quote]
Ghc 100 is equal to c1,000,000 in real terms. It was redenomination that brought it down to 100 for easy carriage. Besides, this is not a justification for the total collapse of Naira, which is a direct consequence of poor monetary policy of Buhari's failed government.
Yes, I am talking about purchasing power and noone pairs 1 dollar to 1 naira, else we wont be having this conversation.
Read your analysis again..
I think you are comparing apples to oranges. 1 dollar to 1 naira is comparing apples to apples. 1 dollar can buy 1 bottle of water but nobody has seen 1 naira in donkey years.
When you say no one pairs 1 dollar to 1 naira, I ask, is the value of 1 not universal? Is 1 in America different from 1 in Nigeria?
Think about it. As pointed out, someone who could only afford 1 bottle of water comes to your country and boom, he can afford 6. So the foreigner comes to your country and enjoys more purchasing power but you go to his country and your own purchasing power is greatly diminished.
Whoever supplies Nigerians the weed they smoke before they say CFA and Cedis are stronger than the Naira, should be arrested and tried for treason.
You think strength of currencies is all about exchange rate? Everyday they keep educating you people and una coconut head no gree.
One day, una go compare Somalia to Nigeria. That is why useless travel agents tell you guys you will earn 150k in “Dubai”, you jump and enter plane. Toor
While.we are comparing the numbers of the curency can we also please compare the purchasing power?? We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.
Let me ask you, I dollar is = 480naira (what is the purchasing power of both? 1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich 1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria. 500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa, 500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll 100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT
If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.
When you compare purchasing power, you should also try and compare earning power. So what does an average individual earn in these country compare to what we earn. What is their minimum wage versus our own
While.we are comparing the numbers of the curency can we also please compare the purchasing power?? We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.
Let me ask you, I dollar is = 480naira (what is the purchasing power of both? 1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich 1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria. 500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa, 500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll 100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT
If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.
Half truth is evil. Dollar is to USA as Naira is to Nigeria. What this means is that Naira and dollar should be in the same class. What you are saying is that water if imported from US will cost 450 naira per bottle. But ours when exported to US will be 1 dollar for about 6 bottles. Does that make Naira valuable or the water inferior. Before comparing the price of similar products, use China made products and US made products as yardstick and then tell yourself the truth.
While.we are comparing the numbers of the curency can we also please compare the purchasing power?? We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.
Let me ask you, I dollar is = 480naira (what is the purchasing power of both? 1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich 1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria. 500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa, 500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll 100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT
If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.
Beer parlor comparison. A dollar buys you a cup of coffee when was the last time you saw a naira?
Have you forgotten that they pay well over there which is why one can purchase those stuffs you used as an example, but over here they don't pay well.
Russia is paying 5k per hour as minimum wage, in 8 hours, from 8 am to 4 pm, you have made up to 40k a day, but over here, 40k would be some people's monthly salary.
You make me laugh.... it is only when you need POF to go to advanced countries you will be able to interpret what you have just typed. Look,if you earned 50,000 naira in 2019,as of today 14.05.2021 it means that your current salary is 25,000. If you invested 1million naira in 2019,today that 1million naira is now 500k. It is better you do not mislead people here on nairaland.
While.we are comparing the numbers of the curency can we also please compare the purchasing power?? We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.
Let me ask you, I dollar is = 480naira (what is the purchasing power of both? 1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich 1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria. 500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa, 500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll 100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT
If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.
This is so beautiful. I have never really had anyone make me appreciate Nigeria like this. But truth be told sha, our Naira is getting more useless everyday.
Have you seen how expensive food has become recently?
The implication of this is, if you're in any of these countries doing business right now you're better of than ur counterparts here reason being that what 100 naira can't get u anything. Inflation rate is too high, no electricity, houses, water etc
Remember when I went to Port Novo through Seme border in 2011 for the first time 1k naira was about 3550 Cefa then we be forming don dada in their bars and restaurants . Don't know naira as deteriorated to this level
While.we are comparing the numbers of the curency can we also please compare the purchasing power?? We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.
Let me ask you, I dollar is = 480naira (what is the purchasing power of both? 1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich 1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria. 500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa, 500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll 100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT
If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.
The 48 people that like this post should be working with buhari.... You should compare 1dollas to 1naira purchasing power ... What can 1 naira buy in Nigeria or in the us....
travelwaka: If you are visiting A French-speaking African country, there is a huge chance that you will be spending the Cefa. The CFA Franc (Cefa) is the official currency of eight west African countries which includes the Republic of Benin, Togo, Mali, Guinea Bissau, Senegal, Niger, Cote d’Ivoire, Burkina Faso.
In total, the Franc is used by 14 countries in sub-Saharan Africa. Each of these countries belongs to either the West African Economic and Monetary Union (WAEMU) or the Central Africa Economic and Monetary Union.
back in the days , 1 naira used to be between 3 cefa but as of May 2021.
1 Naira is 1.1 CFA 10 Naira is 11 CFA 100 naira is 110 CFA 1,000 naira is 1,100 cfA
Few years ago 1,000 naira will get you 3,000 CFA but today 1,000 naira is 1,100 cefa.
While.we are comparing the numbers of the curency can we also please compare the purchasing power?? We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.
Let me ask you, I dollar is = 480naira (what is the purchasing power of both? 1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich 1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria. 500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa, 500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll 100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT
If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.
This piece can only come from someone who can reason and think deep. A can of coca cola in the US is above $4. I have a friend earning 850 dollars per week in USA; but still suffering. The only thing that can make your earnings in Europe to have value is only if you did not spend a penny there. If you are in Nigeria, you can feed yourself with at least #250 per meal; that means the naira you spend is strong.
It is clear that that whole bunch in Nigerians like you are useless. Your type is only useless and should be burnt and impaled on a stake.... I remember exchanging this money at the border around 2014... We had a lot of advantages with a stronger currency... If I had like 1000 CFA on my return, I do not bother exchanging it because to me, it was not worth the effort.. now, the naira dey drag with CFA.. I do not still really understand the extent of the Nigerian problem, but this really hit home.
I also read that income did not increase in the same direction as the money.. My question is. Nigerians, how are you surviving? If Nigeria were not a zoo, Aso rock would have been on fire by now.
Nigerians attacked me when I asked them isn't it time they hit the street?? they all cited fear
While.we are comparing the numbers of the curency can we also please compare the purchasing power?? We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.
Let me ask you, I dollar is = 480naira (what is the purchasing power of both? 1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich 1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria. 500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa, 500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll 100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT
If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.
Smh Their 1 dollar bought them all this stuff, what can your 1 naira buy?
Wish I could give you 1000 likes spot on my brother my thoughts exactly
travelwaka: The moment you realize that an IPhone 12 is 1500 dollars where as it's 500,000 in Naira. You realize this analysis is just wrong. Your analysis only make sense to a Foreigner coming to Nigeria. But imagine a Business owner or manufacturer who used to buy a $100 resources at 15,000 when dollar was 150 naira then all of a sudden the same resources after 5 years is still $100 but it will now cost him and 46,000 naira which is triple the original price.
Whenever your currency is going bad it only favours foreigners coming into your country it doesn't favour the citizens.
From your analysis. A foreigner who can only buy 1 bottle water with 1 dollar comes in and all of a sudden he can buy 6, but you who is supposed to buy 6 goes into the international terrain, you can only buy 1.
Lastly if you are talking about purchasing power , you are supposed to pair it 1 naira to 1 dollar and not 1 dollars 480 naira .
travelwaka: The moment you realize that an IPhone 12 is 1500 dollars where as it's 500,000 in Naira. You realize this analysis is just wrong. Your analysis only make sense to a Foreigner coming to Nigeria. But imagine a Business owner or manufacturer who used to buy a $100 resources at 15,000 when dollar was 150 naira then all of a sudden the same resources after 5 years is still $100 but it will now cost him and 46,000 naira which is triple the original price.
Whenever your currency is going bad it only favours foreigners coming into your country it doesn't favour the citizens.
From your analysis. A foreigner who can only buy 1 bottle water with 1 dollar comes in and all of a sudden he can buy 6, but you who is supposed to buy 6 goes into the international terrain, you can only buy 1.
Lastly if you are talking about purchasing power , you are supposed to pair it 1 naira to 1 dollar and not 1 dollars 480 naira .
Think about this your analysis again.
Thank you for talking SENSE Into his faulty medulla....
While.we are comparing the numbers of the curency can we also please compare the purchasing power?? We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.
Let me ask you, I dollar is = 480naira (what is the purchasing power of both? 1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich 1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria. 500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa, 500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll 100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT
If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.
Just wondering, what's the point of having a currency with a better purchasing power when you don't have security? Everyday is either news about kidnapping,banditry or terrorism,lest I forget,the very recent popular one *ungun known men* UGM?
Guarantee security first,then diversifying the economy can come next. The economy won't diversify itself,Nigerians will but Nigerians need to be alive and their security guaranteed before any form of diversification can happen!!!
Charlie, stop decieving people biko - You earn before you purchase! Tell them the earning power of the NGN first abeg!!!
That guy above has only sold some half-truth to you and that is very poisonous and misleading. The NGN has no value period!
He told you about purchasing power, what he did not tell you is that you have to earn the currency before you can use it to purchase anything. Did you know that average minimum wage in USA is circa $2,000 p/m (= NGN 960,000) while the average minimum wage in Nigeria is NGN 30,000 p/m =($63).
Place these values on the same table to see how far apart they are
(a) USD 2,000 to USD 63
(b) NGN 960,000 to NGN 30,000
Whichever way you find yourself, you will lose with the NGN!
Bitter truth is that the average minimum wage earner in Nigeria takes about 3 years to earn what his counterpart earns in a month in the USA.
Next time anybody tells you NGN500 will buy you water, meatpie, eegroll, malt, akara and moi moi - just tell him all those stuff are substandard and poorly made food. NGN 500 would never get you a healthy meal, e get why Heineken cost pass Goldberg but all na Lager
travelwaka: The moment you realize that an IPhone 12 is 1500 dollars where as it's 500,000 in Naira. You realize this analysis is just wrong. Your analysis only make sense to a Foreigner coming to Nigeria. But imagine a Business owner or manufacturer who used to buy a $100 resources at 15,000 when dollar was 150 naira then all of a sudden the same resources after 5 years is still $100 but it will now cost him and 46,000 naira which is triple the original price.
Whenever your currency is going bad it only favours foreigners coming into your country it doesn't favour the citizens.
From your analysis. A foreigner who can only buy 1 bottle water with 1 dollar comes in and all of a sudden he can buy 6, but you who is supposed to buy 6 goes into the international terrain, you can only buy 1.
Lastly if you are talking about purchasing power , you are supposed to pair it 1 naira to 1 dollar and not 1 dollars 480 naira .
Think about this your analysis again.
back in the olden days when Nigeria was very interesting foreigners from different countries all over the world will come down to Nigeria to work because of our valuables currency,but now we are the one working for them inside our own countries,god i pray please help Nigeria
This is so beautiful. I have never really had anyone make me appreciate Nigeria like this. But truth be told sha, our Naira is getting more useless everyday.
Have you seen how expensive food has become recently?
Odiegwu, why not consider quality of life? How about other variables?
Charlie, stop decieving people biko - You earn before you purchase! Tell them the earning power of the NGN first abeg!!!
That guy above has only sold some half-truth to you and that is very poisonous and misleading. The NGN has no value period!
He told you about purchasing power, what he did not tell you is that you have to earn the currency before you can use it to purchase anything. Did you know that average minimum wage in USA is circa $2,000 p/m (= NGN 960,000) while the average minimum wage in Nigeria is NGN 30,000 p/m =($63).
Place these values on the same table to see how far apart they are
(a) USD 2,000 to USD 63
(b) NGN 960,000 to NGN 30,000
Whichever way you find yourself, you will lose with the NGN!
Bitter truth is that the average minimum wage earner in Nigeria takes about 3 years to earn what his counterpart earns in a month in the USA.
Next time anybody tells you NGN500 will buy you water, meatpie, eegroll, malt, akara and moi moi - just tell him all those stuff are substandard and poorly made food. NGN 500 would never get you a healthy meal, e get why Heineken cost pass Goldberg but all na Lager
Say No more, Just know anything Mediocrity, Substandard & Nigeria are like 5&6. They Accept all shiiits thrown at them and accept whatever they see. That guy Analysis Is full of "POVERTY" written all over It.....
travelwaka: We need to do something about the Naira
Is not about the Naira but the system. When we have leaders that keep compounding issues by looking into what is not the issue of the land.
You want a country to be great. First priority is to develop it's people which our leaders score 5/100
If you develop the people. We will get more Paystack, more Dangote's, more and more of those likes in every area of specialty.
Then govt won't need worry about infrastructure which 5 or 10 of its citizen can bank roll but instead they are developing their pocket while they starve it's citizen and breed thugs, bandits, kidnappers, armed robbers. yahoo, prostitute...
