₦airaland Forum

The money is too much corruption since the day of inception.

You're trying to be clever by half.

1.3 is bigger that 1 but is it equal to 2 times? Absolutely not.

There was no time in 1979 where one naira is equal to two dollars. Naira was higher but not upto one and a half times

DomPerignon:
ignorance.

The Naira was once higher than the USD.

My grand mother told me before she paied, that she bought our family house land at N700naira.land that size like 2plots.in 70s. Try buy 2plot of land now and know d cost.

Zonefree:
Omo, 50k in 1979 has much value than 200 million today.

Take am easy na
No be only 200m, na 1 billion

ValarDoharis:
You're trying to be clever by half.

1.3 is bigger that 1 but is it equal to 2 times? Absolutely not.

There was no time in 1979 where one naira is equal to two dollars. Naira was higher but not upto one and a half times

from at no time was Naira greater than the USD to Naira was 1.3 times more than the dollar.


Rest abeg.

Go and find out how emefile was giving ab0kis in the Buhari cabal who could produce a 1976 Form M to access FX a #1 -$2.

Show me where I said naira was not greater than USD else you're a terrible liar

DomPerignon:
from at no time was Naira greater than the USD to Naira was 1.3 times more than the dollar.


Rest abeg.

Go and find out how emefile was giving ab0kis in the Buhari cabal who could produce a 1976 Form M to access FX a #1 -$2.

WhiteLavender:
Take it easy. If you read the beginning of the article, you will see that it says 50k a year, not monthly.

this is how you guys fail exams

Go back and read what I wrote but slowly this time

ValarDoharis:
$2 was never equal to #1 in 1979.

Stops the embellishments

Shey you have seen that the Naira was higher than the dollar.


Foool.

You don't know the meaning of 'equal to' that you used in your original analysis by saying $2= #1.

You're confusing equal to with greater than?

I'm dealing with a math illiterate.

DomPerignon:
Shey you have seen that the Naira was higher than the dollar.


Foool.

ValarDoharis:
Show me where I said naira was not greater than USD else you're a terrible liar

Fool, go back and see the rubbish you posed.

At the time ,#20 was our highest denominator.

A brand new volks cost #1,500.

A Shagari Benz Mercedes was between 5,000 to 7,000.

A loaf of bread cost 15k.

50kobo and one Naira were notes.

JVC and Philip were the popular brand of TVs with everyone having a kenwood sound system. No tokunbo cars on our roads.
Visa on arrival at Heathrow and most western European countries.

Nigeria was once a very prosperous and respected nation.

You just ignorantly jumped into a conversation without reading previous comments to know the beginning.

Run along, I don't have time for narrow minded people

DomPerignon:
Fool, go back and see the rubbish you posed.

At the time ,#20 was our highest denominator.

A brand new volks cost #1,500.

A Shagari Benz Mercedes was between 5,000 to 7,000.

A loaf of bread cost 15k.

50kobo and one Naira were notes.

JVC and Philip were the popular brand of TVs with everyone having a kenwood sound system. No tokunbo cars on our roads.
Visa on arrival at Heathrow and most western European countries.

Nigeria was once a very prosperous and respected nation.

Quarterpast:
See How Much Politicians were earning during this period.

We can only achieve greatness as a country by the time we make politics financially unattractive. As long as the job is lucrative, politicians will continue to steal and do everything they can to get to power. Imagine a president earning just 200k-300k monthly salary, tell me if majority would be interested in being the president. By so doing, only people who have genuine interest in improving the lives of the masses would go into politics.

Though, one may argue that 50k salary for a president in 1979 was a huge amount. Yes, I agree. But we must be honest with ourselves, our politicians are being overpaid these days. They are being paid to do almost nothing.

A dollar in 1980 was 0.55 naira.

Thus extrapolating that to present day dollar rate of a dollar to 1,600 naira would be approximately 145million naira per month by March, 2025.

DomPerignon:
Fool, go back and see the rubbish you posed.

At the time ,#20 was our highest denominator.

A brand new volks cost #1,500.

A Shagari Benz Mercedes was between 5,000 to 7,000.

A loaf of bread cost 15k.

50kobo and one Naira were notes.

JVC and Philip were the popular brand of TVs with everyone having a kenwood sound system. No tokunbo cars on our roads.
Visa on arrival at Heathrow and most western European countries.

Nigeria was once a very prosperous and respected nation.

NIgeria was , and always has been, a broke nation. The 1970'S was when we had a little bit more money thanks to high oil prices, which made things easier for the upper and middle class, but not for most Nigerians.

One can say the same thing of Venezuela back then, like many other oil producers. They were a very prosperous nation in the 1970's, heck Caracas even ended up with a metro, and underground system. Good right.

Once oil prices fell down in September 1982, the crisis began. Some nations held off the inevitable longer than others. For Nigeria, by 1983, we were in austerity mode. By 1984, in order to keep domestic manufacturing of cars for example running, Buhari had to resort to subsitution economics. By 1985, money for subsides for essential commodities was finished, so that ended. By 1986, things were in a bad way.

Venezuela lurched from problem to problem, which led to the crisis of the 1990s, which eventually led to the rise of Chavez. Iraq essenitally invaded Kuwait because they were dead broke, and Saudi was refusing to force oil cuts at OPEC to raise oil prices again.(Well, the US invasion of Iraq did cause a rise in oil prices, which did not last).

Nigeria was never prosperous.

The USSR too, used high oil prices to hide the problems its economy was facing...and by the 1970's they were massively borrowing. By the 1980's the oil prices fell off, and so did the Soviet economy.

A prosperous country is one that makes stuff, and in so doing, relies on innovation and tech, to produce goods for exports. All our forex was going to nations like Japan for those JVC and Kenwood stuff (as well as for cars), France for CKD Parts for peugeout (Ajaokuta never came on stream, plus we never did develop the small components industry that you need for a good domestic car industry). and a host of other imports.

When the price of oil rises, our economy looks good. When it falls, our economy crashes.

One thing most of you Nigerians and africans need to realize is that until you start making stuff...I did not say weapons of war, or heavy industry....stuff, any stuff, you would be prosperous. Heck, even South Africa, upon all its advantages, during arphateid, they essentially wrecked the education system for black people. Meanwhile, China , as soon as they got rid of the cultural revolution madness, invested heavily in education.

Result...South Africa cannot take advantage of the world's industrial setup...china can.

Here in Nigeria, as stated elegantly in Field Ruwe's article, education is seen as a means to a white collar job. Based on a subsidised lifestlye. Then we start blaming IMF when the debt comes in.

The 50k is per annum o. Oya divide am by 12

Quarterpast:
See How Much Politicians were earning during this period.

We can only achieve greatness as a country by the time we make politics financially unattractive. As long as the job is lucrative, politicians will continue to steal and do everything they can to get to power. Imagine a president earning just 200k-300k monthly salary, tell me if majority would be interested in being the president. By so doing, only people who have genuine interest in improving the lives of the masses would go into politics.

Though, one may argue that 50k salary for a president in 1979 was a huge amount. Yes, I agree. But we must be honest with ourselves, our politicians are being overpaid these days. They are being paid to do almost nothing.

That’s huge.

50k naira was 50k dolls then...infact a dollar was 60 kobo

In today's rate that's almost N80m for president

iwaeda:
N50k in 1979 is like 500 million now

But the difference was that many workers were earning decently also

Now just check the Gulf?

That amount for president's salary was too much.
Look at what Senate officers were earning too, politicians from time immemorial were so wasteful.

They earned such jumbo salaries while my uncle that was employed as a secondary school teacher was paid a paltry one hundred and twenty naira (#120 ) per month as salary.

As at 1979,naira was more valuable than US dollars.
But people were going home with 50k.
Do you know what that means?

DomPerignon:
this is how you guys fail exams

Go back and read what I wrote but slowly this time

I'm wondering why you had to mention me again, was the first mention not enough?
You've made your point already and I didn't argue it. So what's with this one again?

WhiteLavender:
I'm wondering why you had to mention me again, was the first mention not enough?
You've made your point already and I didn't argue it. So what's with this one again?

see him small sexy breast.

This country was built solely on corruption

DomPerignon:
see him small sexy breast.

Mtcheeew

WhiteLavender:
Mtcheeew

You cute.

Let me be your Akpabio and you can Natasha me.

Before the economy was basterized.

Hmmmmm 🤔

Akinboboz:
Do you know how much 50k then was.... It can build massion and buy latest car then....