₦airaland Forum

Let's see the people who come here with intellect. This place is not only for discussing politics or throwing insults left and right. I want to see the formula used so I can apply it to whichever year I select.

4 me 1,5m because tins have really changed with time and money too

kpankpangolo:
Let's see the people who come here with intellect. This place is not only for discussing politics or throwing insults left and right. I want to see the formula used so I can apply it to whichever year I select.

It was rent money for 1bedroom flat around 2008. A spacious flat for that matter.

dollytino4real:
4 me 1,5m because tins have really changed with time and money too

It's easy to spot those that grew in poverty...u think 50k is equivalent to 1.5m today after 17 years ... only those that dint see money that time will think so ...

delugadou:
It was rent money for 1bedroom flat around 2008. A spacious flat for that matter.

My rent money for a room( BQ) face me I face u at computer staff quarters....same with high-rise in unilag back in 2004 was 150k... one little tiny room...u can't tell me it now cost millions

Since naira is not a stable currency we have do the calculation with the value of a stable currency against the naira which is dollar.

In 2008 the average naira to dollar exchange rate was #117 per dollar. #50000 divided by #117 per dollar = $427.

To get the new value we multiply $427 by the current dollar to naira rate of #1560 per dollar = #666,120.

So that #50,000 is worth about #666,000 in our today's economy.

Mynd44.

cr7lomo:
My rent money for a room( BQ) face me I face u at computer staff quarters....same with high-rise in unilag back in 2004 was 150k... one little tiny room...u can't tell me it now cost millions

There isn't enough accommodation in unilag, so it is understandable. When you go to places like ikotun, ikorodu, oke afa etc. you will see cheap houses that are also good quality.

2006 my salary as an electronics sales rep. den was 13k den so u can't tell me now dey pay 1million as salary now

Lol

The money dem can only buy few things ,

I think 450,000 or more.



My characters have been..xx

SUPERPACK:
Since naira is not a stable currency we have do the calculation with the value of a stable currency against the naira which is dollar.

In 2008 the average naira to dollar exchange rate was #117 per dollar. #50000 divided by #117 per dollar = $427.

To get the new value we multiply $427 by the current dollar to naira rate of #1560 per dollar = #666,120.

So that #50,000 is worth about #666,000 in our today's economy.

Mynd44.

Simple and short.

A simple calculation can put an end to aimless argument.

dollytino4real:
4 me 1,5m because tins have really changed with time and money too

Nor be only 1.5 million na 1.5 billion
😂😂😂😂😂😂


Seun what do i need 40 characters for?

cr7lomo:
It's easy to spot those that grew in poverty...u think 50k is equivalent to 1.5m today after 17 years ... only those that dint see money that time will think so ...

It has nothing to do with seeing money, he just got his estimate wrong, yiu are dwelling on trivial issues.

50k in 2008 is 125 naira per usd which gives 400 usd in 2008 which is about 640k. Considering present value of money that 400USD maybe worth about 500 USD in today's money which is about 800k.

Aggroundnut:
2006 my salary as an electronics sales rep. den was 13k den so u can't tell me now dey pay 1million as salary now

Lol

The money dem can only buy few things ,

Your 13k was 120 USD approximately which is approximately 200 k naira today in terms of purchasing power of your then salary

Aggroundnut:
2006 my salary as an electronics sales rep. den was 13k den so u can't tell me now dey pay 1million as salary now

Lol

The money dem can only buy few things ,

Your 13k was 120 USD approximately which is approximately 200 k naira today in terms of purchasing power of your then salary ...


But unfortunately that position ij today's world gets pay a little of what you received then even if the money seems bigger but it is smaller when converted to USD

SUPERPACK:
Since naira is not a stable currency we have do the calculation with the value of a stable currency against the naira which is dollar.

In 2008 the average naira to dollar exchange rate was #117 per dollar. #50000 divided by #117 per dollar = $427.

To get the new value we multiply $427 by the current dollar to naira rate of #1560 per dollar = #666,120.

So that #50,000 is worth about #666,000 in our today's economy.

Mynd44.

I stand to be corrected, Dollar has lost value too due to inflation rate. Have you adjusted the new value for dollar? My submission 🙏

SUPERPACK:
Since naira is not a stable currency we have do the calculation with the value of a stable currency against the naira which is dollar.

In 2008 the average naira to dollar exchange rate was #117 per dollar. #50000 divided by #117 per dollar = $427.

To get the new value we multiply $427 by the current dollar to naira rate of #1560 per dollar = #666,120.

So that #50,000 is worth about #666,000 in our today's economy.

Mynd44.

I just used inflation calculator
$1 USD in 2008 is valued $1.49 USD in 2025

So $427 is valued at $637 USD

$637 multiply by 1560 naira
= 993,720 NGN

cr7lomo:
My rent money for a room( BQ) face me I face u at computer staff quarters....same with high-rise in unilag back in 2004 was 150k... one little tiny room...u can't tell me it now cost millions

Lol. Go and find out. Even hostel bed space (not room space) costs around 500k now. Talk of that one you described. Would be at least 1.5m if there are no bidders.

Samueltemi337:
Nor be only 1.5 million na 1.5 billion
😂😂😂😂😂😂


Seun what do i need 40 characters for?

to obtain ur international passport to Iran to help dem fight Israel

cr7lomo:
It's easy to spot those that grew in poverty...u think 50k is equivalent to 1.5m today after 17 years ... only those that dint see money that time will think so ...

ok 1,5m too big abi wetin? Then rice na 8500 na rice na 100k to 120k u see the difference

₦50K in 2008 is worth ₦600K today

damn!... keeping ₦50K in your account since 2008 without using or investing it would mean you've lost over 90% of its value in real terms.

Savings is a scam

motymop:
₦50K in 2008 is worth ₦600K today

damn!... keeping ₦50K in your account since 2008 without using or investing it would mean you've lost over 90% of its value in real terms.

Savings is a scam

E no go complete that 600K cos...

-SMS charge alert
-VAT
-Card maintenance
-Electronic levy
-etc...


9ja go whine you, but no panic

SUPERPACK:
Since naira is not a stable currency we have do the calculation with the value of a stable currency against the naira which is dollar.

In 2008 the average naira to dollar exchange rate was #117 per dollar. #50000 divided by #117 per dollar = $427.

To get the new value we multiply $427 by the current dollar to naira rate of #1560 per dollar = #666,120.

So that #50,000 is worth about #666,000 in our today's economy.

Mynd44.

You’re close, but did you account for inflation?

Money is only as valuable as what it can purchase. That’s why basket of goods (inflation measure), and not exchange rate is best when comparing value of money across time periods.

According to Grok, putting all factors into consideration, 50K Naira in 2008 is equivalent to 1M, and 250K in 2025.

Jesus! Thank you very much. This was what I came for.

SUPERPACK:
Since naira is not a stable currency we have do the calculation with the value of a stable currency against the naira which is dollar.

In 2008 the average naira to dollar exchange rate was #117 per dollar. #50000 divided by #117 per dollar = $427.

To get the new value we multiply $427 by the current dollar to naira rate of #1560 per dollar = #666,120.

So that #50,000 is worth about #666,000 in our today's economy.

Mynd44.

Karlifate:
According to Grok, putting all factors into consideration, 50K Naira in 2008 is equivalent to 1M, and 250K in 2025.

50K from 2008 is not equivalent to 2 - 3K today. It makes sense theoretically, the real world is different. I could easily spend 12K back then and I know 50K today has more purchasing power.

Tiger gen was around 15k then. Its around 150k now. Do the maths

In year 2008 if I remember vividly, 5000 dollar was 700k , so do the maths. Today 5000 dollars is 7.5m .

Make I run my own analysis. A bag of rice 2008 was 6000. 50000/6000 got you 8 bags of rice then. Those 50000/6000 bags multiplied by 90000 equals 750,000 naira. It simply means that 50k is worth 750k now

N509,552

In 2008 the average value of naira to dollar is 157.

50,000÷157= 318.47. so it means 50,000 naira is 318.47 dollars.

Now multiply 318.47 by 1600 which is the exchange rate today that gives N509,552

Post & comment is worded quite St**** & *******y

Using the most direct method, given how our place is structured, it would be... Factoring in inflation too, (local and international )

University school fees that year.

You can even plan wedding that year with 50k

It should be worth 450k by now

That year I bought my first touch screen Samsung for 15k 😂😂😂 Godddd. I miss 2008