₦airaland Forum

ayoolataiwo:
The nation economy has been mismanaged since the present and past administration.Purchasing power hasn't been this worse.May Nigeria rise again

A thousand naira is equivalent to 74 cents,she should show us how many things that can get her in America.....that 1k will get you a derica of rice or beans or garri enough to feed a family of 5 with some change......4 packs of noodles that can feed 2 people,can get you a plate of lunch,2.5 gb of data to you for 2 days with some change

Half a kilo of cooking gas is less than 1k and can keep a family of 5 for 2 days or more,if not for trump 1k would have gotten you a loter of petrol with some change......she should come tell us how much 74cents can get you in her country.

pdppower:
₦1000 can buy gazelle gagaraga, balablu bulaba. All thanks to APC and the first class accountant

When a Cameroonian came to Nigeria and praised the level of infrastructure, you are said he was paid by the government, but when an Eastern European who’s country might not even be better than Nigeria comes with a foolish rhetoric, “she’s speaking the truth” how dumb can you all be? Couldn’t she also have been paid by the opposition? My point is be balanced in your thought process..

writetopoka:
Getting our independence in 1960 is the biggest mistake we have made you should have waited 2060 to request for it

As in just look at southy if not their men are lazy. It's a working economy. Even what has spoilt now is cause if the blacks that ruled. The whites left it like america.

Na real truth u talk ooo

You dey mind them? Most of the people saying the N1,000 is valueless don't know what's happening beyond Nigeria. Can anyone feed comfortable with either $1 or £1 abroad? And ordinarily, N1,000 will feed a man on the street at any Buka. Quote me.

helinues:
What N1,000 Naira can buy in Nigeria, majority of the countries will struggle to buy same thing in their respective countries with the equivalent

Just Google the price of beer alone across Africa countries

Modified: The opposition supporters should stay out of my mentions if they are not interested in engaging maturely. The 3 weeks blocking will have a toll on you on this forum, ask the victims and if you want to give it a try, be my guest

ayoolataiwo:
The nation economy has been mismanaged since the present and past administration.Purchasing power hasn't been this worse.May Nigeria rise again

This has been tinibus campaign promise: "reduce purchasing power of the citizens and widen the tax net". People were not paying attention when he was saying it.

Two heads are not better than one!

Nigeria logic.

helinues:
What N1,000 Naira can buy in Nigeria, majority of the countries will struggle to buy same thing in their respective countries with the equivalent

Just Google the price of beer alone across Africa countries

Modified: The opposition supporters should stay out of my mentions if they are not interested in engaging maturely. The 3 weeks blocking will have a toll on you on this forum, ask the victims and if you want to give it a try, be my guest

The problem is that u dont engage maturely... u engage foolishly

helinues:
So all what you listed are above N5,000 in Nigeria bah. Or perhaps you have never been to Nigeria before in reverse

That comparison was done with 1 dollar, not with $10 or even with $100. You will struggle to purchase some of those items with ₦1,000, there's no canned food within a ₦1,000 but I can get one with $1, carry 1k enter burger king for Naija and see if you can purchase anything from there but I can buy a cheeseburger for $1 dollar at MacDonald and burger king in US. And yet you say that ₦1,000 has more purchasing power than USD and Pounds? You only even need to use the minimum wage to realise that you don't know what you're talking about.

He dey question whether I've been to Nigeria before. Me wey them born for here? E sure me say I've been to more states in Nigeria than you ever will.

Then, you dont know what “equivalent” means!

helinues:
I should rather question your level of reasoning that made you not to be able to comprehend my simple comments.

Now go back to what you initially quoted and read it slowly

Before APC came to power

That 1k can buy you so much

GeneralOuki:
That comparison was done with 1 dollar, not with $10 or even with $100. You will struggle to purchase some of those items with ₦1,000, there's no canned food within a ₦1,000 but I can get one with $1, carry 1k enter burger king for Naija and see if you can purchase anything from there but I can buy a cheeseburger for $1 dollar at MacDonald and burger king in US. And yet you say that ₦1,000 has more purchasing power than USD and Pounds? You only even need to use the minimum wage to realise that you don't know what you're talking about.

He dey question whether I've been to Nigeria before. Me wey them born for here? E sure me say I've been to more states in Nigeria than you ever will.

What N1,000 Naira can buy in Nigeria, majority of the countries will struggle to buy same thing in their respective countries with the equivalent

Just Google the price of beer alone across Africa countries

1 Kenya shillings to Naira is around 11.6

N1160 is equivalent to 100ksh. A beer in Kenya is from 250ksh. Average buka food is from 200ksh.

Should I explain to you in your native language so that you can be able to comprehend my arguments??

helinues:
What N1,000 Naira can buy in Nigeria, majority of the countries will struggle to buy same thing in their respective countries with the equivalent

Just Google the price of beer alone across Africa countries

Modified: The opposition supporters should stay out of my mentions if they are not interested in engaging maturely. The 3 weeks blocking will have a toll on you on this forum, ask the victims and if you want to give it a try, be my guest

It's a pity. Coming from someone who should be more worried about how to unblock his own destiny in life.

emmy4real94:
Then, you dont know what “equivalent” means!

Prof, lecture us about it. Your explanation could go a long way

Ugly foreign lady

Somebody posted the other time that 1 million pounds, dollar, and some other currency can buy a house in their respective countries but 1 million naira can't all the demons and evil personified individuals are saying rubbish.

They should come and defend this o.

WhiteIverson:
A 1 dollar and 1 pound note has more purchasing power than 1000 naira abroad

A 1 dollar and 1 pound note still has a higher purchasing power than 1000 naira note in Nigeria

No thanks to the fraud government in power

Do you need to convert 1000 naira to dollar or pounds before you spend?
Please what can 1pound or dollar buy in UK or US.. nothing

DesireV:
It doesn't have to be insults. Adults should be able to converse respectfully.
Dollar and Pounds equivalent of N1000 is actually 0.7USD and 0.5GBP respectively.

While his argument is flawed, he should be understood correctly.

But that is exactly what the tourist is shocked at.
That the highest currency note in circulation is worth only that you stated above.

And this just goes to show how depressed the economy is. Because if you ask the average person on the street if it is necessary to print a higher denomination currency or re-dominate the naira (remove one, two or three zeros) he will absolutely reject that due to fears of additional artificial inflation.

Look. There is absolutely no alternative to a well run economy and until we can drag inflation down to the low single digits the standards of living of the average person will continue to slide with more and more people slipping into poverty everyday.

My solution. We need foreign management of our economy. We need apolitical, unbiased, qualitative leadership in our central bank and Ministry of Finance to guide government decision making particularly how we handle our finances. Because the people have reformed to a large degree. The problem remains the government and it's unending mismanagement, waste, corruption and visionlessness. We need foreigners in charge for a season to clean up. We need a mirror to tell us the truth.

Foolish people guiding this government. Most of them can't feed on three nourish meal a day.

HacheNoire:
That 1000 Naira still has more value in Nigeria than its USD or GBP equivalent.

Na only Iran full your upstairs.

VenExchangee:
That's the highest denomination in your country, just imagine your type of defense... Will you say that with there highest denomination?

Una need education.

If it is about highest single denomination, it doesn't take anything to make N100,000 single note.

We have the most useless set of. Opposition in the world.

Imagine this una line of argument all in the name of Opposition. How do you convince sensible people? You una come dey wonder why Elumelu, Otedola, Dangote etc dey support government? Cos only if una get 1/10 of the sense they have

Btruth:
You dey mind them? Most of the people saying the N1,000 is valueless don't know what's happening beyond Nigeria. Can anyone feed comfortable with either $1 or £1 abroad? And ordinarily, N1,000 will feed a man on the street at any Buka. Quote me.

Highest currency denominations. APC = slowpoke

GeneralOuki:
Tah! Stop talking what you don't know! No doubt you have never left the shores of Nigeria, All you people do is praise bad governance and backwards economic reforms all because you're paid to do so.

In the US you can get more with a dollar than you can with ₦5,000 . You can purchase toothpaste, notebooks, pens, candy, ramen, canned food, small tools, and greetings cards. basic toiletries, stationery, and some fruits or cheeseburger, or some items at burger king.

You literally can't purchase anything with Nigeria smallest denomination note (10 included).

Quantitatively, the equivalent of 1 Naira is one dollar.. thats the actual or direct comparison of equivalence!

You can not say equivalent of 1 is 2.

You rubbish ur currency and now u are bending math.
The work of a databoy is not easy that i know!

helinues:
Prof, lecture us about it. Your explanation could go a long way

This is part of the Wannabe Nonsense being swallowed Hook 🪝, Line and Sinker,by the Social Media gaulible audiences .
Let her come to Nigeria and see if she can't but egg,- locally here.
An egg🥚,is N200 or N250 per one ,with a Create selling for 3K or more depending on how Big it is.
So, making mouth 👄 in the Europe or America or UK -is Rubbish,as they live -On Govt Support throughout their lives !
I believed that Govt Can do more - in terms of Family Support as in Malaysia Govt- Roll out recently,due to Middle East CRISIS.
• Tinubu's Govt Should Be Responsible and Responsive - For Nigerians are Suffering!
• Cement is Now N12,000,yet Your Government Keeps Quite - Because You don't have Solutions,but hope When the Elections -comes, you will Talk!

emmy4real94:
Quantitatively, the equivalent of 1 Naira is one dollar.. thats the actual or direct comparison of equivalence!

You can not say equivalent of 1 is 2.

You rubbish ur currency and now u are bending math.
The work of a databoy is not easy that i know!

So it's quantitative you are using to exchange currency right?

iLoveYouToo:
Care to buttress this?

1 dollar can get you something tangible in Nigeria. What can 1000 naira get you abroad?

During COVID-19 pandemic and the Buhari Naira scarcity regime, you could get a plate of food for 300-500 naira and eat to your satisfaction.

But now,no pandemic, no naira scarcity no nothing, but to get out value from 1000 naira is so so difficult...
If we enter any kind pandemic for this current state...,we are finished.

dominique:
₦1000 can buy a lot of things and even collect change, things never spoil reach that level. How much is she buying a bottle or can of Pepsi in her country, she should convert it to naira we want to see something.

My groceries I order anytime I have someone comming in, I get more when I am returning myself.
So this is basically what I ordered for just shy of £50 ie is the highest British currency as against what N1000 our highest currency can buy.
Note the items were 29 in number as some were 1,2,4 pieces each.

HacheNoire:
That 1000 Naira still has more value in Nigeria than its USD or GBP equivalent.

Story Story. 1000 naira cannot buy a plate of rice with meat here in Naija. Worthless!

helinues:
1 Kenya shillings to Naira is around 11.6

N1160 is equivalent to 100ksh. A beer in Kenya is from 250ksh. Average buka food is from 200ksh.

Should I explain to you in your native language so that you can be able to comprehend my arguments??

I asked you for 20 countries and you're providing only one, and even at that you're totally wrong here, funny enough I was in Kenya early this year as I was part of a humanitarian org providing aids to Sudan and Congo.

So I can comfortably tell you that your exchange rate and local prices are outdated. The actual exchange rate is currently around 1 KES = 10.4 NGN so 100 KES is closer to ₦1040.
Yes you can find a plate of Ugali/Sukuma wiki at those prices but you're confusing a few things. Even if the exchange rate math were to correct, you are confusing currency denomination with real purchasing power. A minimum wage earner in Nairobi takes home roughly ₦170,000 (after conversion), which is more than double Nigeria's ₦70,000 minimum wage. You can buy fewer beers in Kenya, but you earn far more to buy them.
You cannot compare purchasing power without looking at income.

When comparing the naira and the Kenyan shilling, you are focusing on the wrong metric. While the naira might have a lower face value against the dollar, the Kenyan shilling has significantly stronger real purchasing power.

While you're roughly correct that 1 KES converts to about N10.4 (Because the naira is heavily devalued) a Kenyan salary seems massive when converted to naira. It means a lot of naira are needed to buy the same shilling .

The quality of a currency isn't just what it buys, but what you earn to spend it. This is where the shilling dominates.

Even when you look at Cost of Living, Despite lower fuel prices here in Nigeria, it is still significantly more expensive to live in Nigeria. Lagos is actually 27% more expensive to live in than Nairobi .

And in practical purchasing power (What money actually buys) here is how it is in Kenya;
Meal: Beans & Ugali ~ KSh 150 - 200

Transport: Local bus ~ KSh 50 - 100

Rent (1-bed apt): ~ KSh 15,000 - 30,000

While in Nigeria:

Meal: Rice & Beans ~ ₦1,500 - 2,500

Transport: Danfo bus ~ ₦500 - 1,000

Rent (1-bed apt): ~ ₦120,000 - 250,000

So a Kenyan earning the minimum wage (approx. N170,000 equivalent) can more easily absorb the cost of a N1,500 meal than a Nigerian earning N70,000 can .

You should be looking at the standard of living. By every economic measure—minimum wage value, GDP per capita, and the cost to rent an apartment—the Kenyan Shilling provides a higher quality of life and stronger purchasing power than the Naira right now .

Now that we're done with Kenya can you please mention the remaining 19 countries with weaker purchasing power compared to our Naira?

writetopoka:
Getting our independence in 1960 is the biggest mistake we have made you should have waited 2060 to request for it

I even suggested 2090 earlier, because as I see am so, the rate of brain development in Africa be like go slow.