₦airaland Forum

I just watched a video of someone travelling to Cotonou and changing 39k Naira into 15k CFA.

Note that in 2007 when Obasanjo left office, 1 Dollar was at its peak 125 Naira.

That same 39k Naira exchanged then would amount to 180k CFA.

How I got it was to divide 2007 rate by today's rate and then multiply the CFA by the result: 1500 (today's rate) ÷ 125 (2007 rate) = 12. Then, 12 * 15000 CFA = 180 000 CFA.

And it was in that era when 1 Dollar was 125 Naira that Eedris Abdulkareem sang Nigeria Jaga Jaga. Today, it is 1500 Naira to a Dollar. Eedris must either render a genuine apology to former president Olusegun Obasanjo or release another song and continue his activism.

By the way, in 1999, OBJ met things at 90 Naira to a Dollar and after 8 years left it at 125 Naira to a Dollar. When Tinubu was sworn in, our currency was still below 800 Naira to a Dollar. And less than 2 years he has so messed things up and doubled the rates. Yet his first 4 years are yet to be over!🤦🙎🙆🤦

Eedris, African China, Tunde Bakare, and a host of the circumstial activists of that time should either resume their agitation or apologize to the presidents in power back then.

Jonathan said we'd miss him when he's gone and boy is his prophecy right!

Other countries currency rate still remaiithe same for decades

Tpain is God sent!
To format the brains of Nigerians.
Lobatan!

helinues:
Other countries currency rate still remaiithe same for decades

I don't even your job

helinues:
Other countries currency rate still remaiithe same for decades

Pls expatiation. Are you saying it's only our currency that has fallen beyond repair? By your post, other countries currencies are still standing while ours is on a free fall

Oloki:
Pls expatiation. Are you saying it's only our currency that has fallen beyond repair? By your post, other countries currencies are still standing while ours is on a free fall

I think they mean that Nigeria isn't the only country whose currency has fallen. I'd like to point them to the fact that some countries' have rather risen. Why not ours considering all the factors in our favour?

The traitors in our midst & our foreign enemies , who convicted this contraption, always want to see black on black genocide.

But we are the cause of our sorrow. Greed & corruption & Human rituals , destroy a nation; bring evil karma.

God, pls save us from this incoming destruction.

helinues:
Other countries currency rate still remaiithe same for decades

Silly thing. APC bastardized this country and all you could ask is if Nigeria was the only country that had their currency rate reduce... U re indeed a complete zómbie

My guys, please economy of a country is not rated by numeric value of exchange rate to dollars or any other international currencies okay.
That 39K naira would buy more valuable things in Nigeria than that 15K CFA.
THE CONCEPT IS CALLED PURCHASING PRICE PARITY. Simply means the sum of the same money to buy the same number of goods in a given situation.
So kindly abreast yourself with more facts when coming to establish or comment on a thread.
Bikonu, Nairaland is for educating people.

ObiOfLagos:
I just watched a video of someone travelling to Cotonou and changing 39k Naira into 15k CFA.

Note that in 2007 when Obasanjo left office, 1 Dollar was at its peak 125 Naira.

That same 39k Naira exchanged then would amount to 180k CFA.

How I got it was to divide 2007 rate by today's rate and then multiply the CFA by the result: 1500 (today's rate) ÷ 125 (2007 rate) = 12. Then, 12 * 15000 CFA = 180 000 CFA.

And it was in that era when 1 Dollar was 125 Naira that Eedris Abdulkareem sang Nigeria Jaga Jaga. Today, it is 1500 Naira to a Dollar. Eedris must either render a genuine apology to former president Olusegun Obasanjo or release another song and continue his activism.

By the way, in 1999, OBJ met things at 90 Naira to a Dollar and after 8 years left it at 125 Naira to a Dollar. When Tinubu was sworn in, our currency was still below 800 Naira to a Dollar. And less than 2 years he has so messed things up and doubled the rates. Yet his first 4 years are yet to be over!🤦🙎🙆🤦

Eedris, African China, Tunde Bakare, and a host of the circumstial activists of that time should either resume their agitation or apologize to the presidents in power back then.

Jonathan said we'd miss him when he's gone and boy is his prophecy right!

THEGALADIMA:
My guys, please economy of a country is not rated by numeric value of exchange rate to dollars or any other international currencies okay.
That 39K naira would buy more valuable things in Nigeria than that 15K CFA.
THE CONCEPT IS CALLED PURCHASING PRICE PARITY. Simply means the sum of the same money to buy the same number of goods in a given situation.
So kindly abreast yourself with more facts when coming to establish or comment on a thread.
Bikonu, Nairaland is for educating people.

You're too smart for your own good. Please compare what 39k Naira could afford under Jonathan, which is but yesterday, and then come back and tell me about education and purchasing power parity.

You can speak complicated and very technical Economics jargons but don't necessarily mean there's sense in it. That 39k could buy 4 bags of rice under president GEJ, today it can't buy one. I pray it won't be too late for you before you see sense and borrow.

THEGALADIMA:
My guys, please economy of a country is not rated by numeric value of exchange rate to dollars or any other international currencies okay.
That 39K naira would buy more valuable things in Nigeria than that 15K CFA.
THE CONCEPT IS CALLED PURCHASING PRICE PARITY. Simply means the sum of the same money to buy the same number of goods in a given situation.
So kindly abreast yourself with more facts when coming to establish or comment on a thread.
Bikonu, Nairaland is for educating people.

Yes lets take it 50000 or Iranian 1m to dollar. Semi - illiterate everywhere.

ObiOfLagos:
I think they mean that Nigeria isn't the only country whose currency has fallen. I'd like to point them to the fact that some countries' have rather risen. Why not ours considering all the factors in our favour?

I wonder o. We should emulate what's uplifting. Not been on the floor with those that have already falling. Imagine 95 cedes in Benin republic is equivalent to our 250,000. So disheartening

Yet benin citizens are in Nigeria doing house help and collecting 30k per month.... Will you do a house boy in benin Republic?

Oloki:
I wonder o. We should emulate what's uplifting. Not been on the floor with those that have already falling. Imagine 95 cedes in Benin republic is equivalent to our 250,000. So disheartening

This country just tire me

isan:
Yet benin citizens are in Nigeria doing house help and collecting 30k per month.... Will you do a house boy in benin Republic?

The advantage we have over them is our population. For your information, there are people doing menial works here and they make more than some salary earners. If you are humble enough to do what's available, you can better your lot. Doing big man on empty stomach is nonsense

ObiOfLagos:
You're too smart for your own good. Please compare what 39k Naira could afford under Jonathan, which is but yesterday, and then come back and tell me about education and purchasing power parity.

You can speak complicated and very technical Economics jargons but don't necessarily mean there's sense in it. That 39k could buy 4 bags of rice under president GEJ, today it can't buy one. I pray it won't be too late for you before you see sense and borrow.

Don’t mind that fella! Ask him, the poor hapless salaried Nigerian worker whose pay has barely moved from 2023 to date, what he could buy with that N39K in 2023, is it the same or near the same as what he can buy with same N39K today?

The point you are making is clearly on INFLATION.
I made a point on PPP Nominal okay, we are talking about two different concepts here.

ObiOfLagos:
You're too smart for your own good. Please compare what 39k Naira could afford under Jonathan, which is but yesterday, and then come back and tell me about education and purchasing power parity.

You can speak complicated and very technical Economics jargons but don't necessarily mean there's sense in it. That 39k could buy 4 bags of rice under president GEJ, today it can't buy one. I pray it won't be too late for you before you see sense and borrow.

Na me you shade like that abi.........................

IGBOPROMISE1:
Don’t mind that fella! Ask him, the poor hapless salaried Nigerian worker whose pay has barely moved from 2023 to date, what he could buy with that N39K in 2023, is it the same or near the same as what he can buy with same N39K today?

Please do not be annoyed, I don't understand your comments here, please.

okeysoninv:
Yes lets take it 50000 or Iranian 1m to dollar. Semi - illiterate everywhere.