₦airaland Forum

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.

intelligence wan finish ur generation

What's the difference between inflation measure and exchange rate?
Are both not the same thing?
They are related na. What are you saying!

lilachiever:
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.

Vixenn:
BQ highrise B_ 2021 was 600k

Really?? Smh ............

spiSeyi:
Jicheng is 50-60k as at then in Ibadan oga Golf 3 (Tokunbo) was not even up to 200k in 2008.. you are the kiddo here

What nonsense are u saying... my dad got a golf 3 for me back in school in 03 for 600k....as I said most of u no see money that time or wasn't born...how will u know the prices ... I bought my first car in school in 04 ...a used mazda for 500k

50k bought me a printer that sells for 300k today.

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 ...

Stop insulting people oga. You talked as if you're Richer than anybody on this platform. Stop talking down on people you haven't met in your entire life.
Stop bragging on top nothing. A sensible rich man can never call other people poor

id4sho:
I stand to be corrected, Dollar has lost value too due to inflation rate. Have you adjusted the new value for dollar? My submission 🙏

You're right.

But the Dollar didn't lose value against the Naira, instead it has only gained value. The people that should ask your type of question are those who live in a country where the Dollar has become weaker compared to their own currency.

The older I get, the more I've come to realize that economics is a very complicated subject with vast amount of variables to chase on, say a topic like this.

kpankpangolo:
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.

12k then can buy you a bag of rice, a carton of macaroni and 30 liters of fuel. But 50k today can't cover those basics. So how does it have more purchasing power

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

It was 5-10k above the price of a car engine that would cost about 1.3-1.5m now

Kaido:
I think 450,000 or more.
My characters have been..xx

This phone was about N30,000 then.
And it was an upcoming guy phone.
-
In today's market, Upcoming guys phone should be around N300,000
That's x10.
So I guess you're about right.
N50,000 of 2008, would be about N500,000 of 2025.

Malawian:
50k bought me a printer that sells for 300k today.

Electronics and inflation is a confusing market.
If you buy HP 2000 in 2008, for 10,000
by 2025, HP has created, HP 2000-i2 or HP4000-V2 max.
That your HP 2000 will be old tech and priced very low.
N10,000 of 2008, can be like N200,000 of 2025
and that HP 2000 can be like N40,000 in 2025, whilst
HP4000-V2 max will be N500,000 and boys can afford to buy it.
You just have to find out what was the most common purchasing power.

I used to have a fuel tank for around 7k in 2008 and my car takes around 70k for full tank now. We used to have 3 cars in my yard then but we have just one now. Do the mathematics yourself.

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

How can you compare it to one room similar to what you had at unilag in bariga or iwaya.

Then with 45k or 60k you can still get similar pattern at iwaya.
The only reason you paid 150 at unilag high rise bw was because of steady power supply, security , serenity of environment and high demands .


And most times you people are more than 3 or 4 in those rooms .


I'm an akokites so I know what I'm talking about

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.

To answer your question, the equivalent now is about 600k

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.

This is very correct.

Myself I didn't even have to calculate it to know it's about 600k

I saw this your post after I have written mine .
If I had seen this post I would v just gone ahead to read comments here after clicking likes on your comment

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.

Brilliant

peleson1:
How can you compare it to one room similar to what you had at unilag in bariga or iwaya.

Then with 45k or 60k you can still get similar pattern at iwaya.
The only reason you paid 150 at unilag high rise bw was because of steady power supply, security , serenity of environment and high demands .


And most times you people are more than 3 or 4 in those rooms .


I'm an akokites so I know what I'm talking about

I only had one roommate...my dad paid for the whole room...but I collected money from one of my gees ....it was just 2 of us

Brazino:
Stop insulting people oga. You talked as if you're Richer than anybody on this platform. Stop talking down on people you haven't met in your entire life.
Stop bragging on top nothing. A sensible rich man can never call other people poor

The thing pain u no be small...

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.

Additionally, US dollar hasn't been stable since 2008. Inflation have also occurred on the US dollar.

50k in 2008 is actually #1,001,520 not #666,120

Because the $427 in 2008 is now $642 in today's money when adjusted for inflation.

My mom died in 2008. We bought cow a very big cow for 45k, 3k for transport from abbatoir.

The prize of that cow now is unimaginable

in 2008 usd to nairan is 134.67 to 1USD so 50,000/134.67 = 371.28 dollar in 2008 but today exchange rate is 1543/USD which mean value of #50,000 in today"s value is ( $371.28 x #1,543 = #572,885.04 in 2025 ) If you earn #50,000 in 2008 it means you are earning #572,885.04 under the current government

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

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


Seun what do i need 40 characters for?

Did you know new okada bike cost between #30000 - #50000 then....

50k in 2008 should hover around 200-250k present day.

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.

600k naria job= #50,000.... is hard to come by these days!

Cleanthes:
I never own 50k of my own. and i am 30 years oooooooo

That is not possible.

yommysure:
That is not possible.

I swear to God its the absolute truth

I was talking about a specific Ink tank Printer i last bought for 50k, it is now around 300k in the market.

uuzba:
Electronics and inflation is a confusing market.
If you buy HP 2000 in 2008, for 10,000
by 2025, HP has created, HP 2000-i2 or HP4000-V2 max.
That your HP 2000 will be old tech and priced very low.
N10,000 of 2008, can be like N200,000 of 2025
and that HP 2000 can be like N40,000 in 2025, whilst
HP4000-V2 max will be N500,000 and boys can afford to buy it.
You just have to find out what was the most common purchasing power.

Tinubu won't employ you lai lai.. He hates figures and data like his Muslim brotherhood hates Christian.

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.

cr7lomo:
I only had one roommate...my dad paid for the whole room...but I collected money from one of my gees ....it was just 2 of us

Exactly.
I know how e dey go .


But you already know I didn't lie