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Nairaland Forum / Nairaland / General / Politics / Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! (17089 Views)
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Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Tunde835(m): 6:04am On Sep 24, 2020 |
aremuforlife:Most Things Are Cheaper In Nigeria Compared To Abroad Except Electronics Which We Import Like Iphone 1 Like |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by rottennaija(m): 6:05am On Sep 24, 2020 |
Toosure70:Again, you are doing the same thing. Counter what he has written with point, not straw mans attack. https://www.youtube.com/watch?v=GJz66wm95-M 1 Like |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by orisa37: 6:06am On Sep 24, 2020 |
Thank you Biodun556. You are in Order. I still blame Government and her Employees like CBN and The Ministry of Finance for NIGERIA VALUE MANAGEMENT AND CONTROL. THE WORLD IS A GLOBAL VILLAGE. WE ARE ALL PRODUCING AND DISTRIBUTING WITH DIFFERENT VALUE FORCES JUST TO EAT AND GROW AND SO RESOURCES DISTRIBUTION ACCOUNTABILITY AND VALUE UNDERSTANDING AND CONCERTED CONTROL IS NEEDED RIGHT NOW. DIVISION OF LABOR AND SERVICES TO YIELD PRODUCTIVITY AND VALUE APPRECIATION WILL BE FOUND IN APREC-AUTONOMOUS POLICING RESOURCING AND ELECTIONEERING CONTROL FOR OUR 36 CONSTITUTIONAL STATES PRESIDENT CAN'T RULE A COUNTRY ALONE FROM THE CENTRE. CONSTITUTIONAL STATE GOVERNORS MUST BE RESPONSIBLE FOR THEIR PRODUCTIVITY, INCOMES AND VALUE APPRECIATION, MONITORING AND CONTROL. I WILL BE BACK. 1 Like |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Tunde835(m): 6:09am On Sep 24, 2020 |
Kpomosauce:D Average Salary Is $4,800 Per Month In Usa Compared To N30,000 in Nigeria 1 Like |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Lanretoye(m): 6:15am On Sep 24, 2020 |
when dollar is now becoming gold in nigeria,the 1dollar you are talking about was 3h plus some months back but now it is 5h.which would you prefer now,1 dollar or 5h knowing well that a dollar might be up to 7h in coming weeks. |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by aremuforlife(m): 6:17am On Sep 24, 2020 |
Tunde835:Even the electronics are cheaper in Nigeria than Europe,. I can attest to that. |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by gbowoade85142: 6:18am On Sep 24, 2020 |
:This is really fun and there is true in it. run wowoman, that wowoman may infect you fox |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Dominiqueismad: 6:20am On Sep 24, 2020 |
Biodun556:who is this full? |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by femi4: 6:31am On Sep 24, 2020 |
rottennaija:Which truth...you no do income vs expenditure for school 2 Likes |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Yujin(m): 6:38am On Sep 24, 2020 |
OP is a typical Nigerian who would rather justify the poor treatment meted on him than fighting against a poorly managed system. Since his rational for this thread is the local purchasing power of currencies, why doesn't he encourage the further devaluing of the naira so as to increase its local value? Most people in US feed better than most Nigerians. Live healthier than them too because of what the dollar can afford them. 3 Likes 1 Share |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by sapientia(m): 6:41am On Sep 24, 2020 |
Confusionists |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by izombie(m): 6:46am On Sep 24, 2020 |
Biodun556:obviously the dollar is more valuable. He's comparing 1 dollar to 500 naira instead of 1 dollar to 1 naira. He just told us what 1 dollar can get you in US but he didn't share with us what 1 naira can get in Nigeria. 12 Likes |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by ivandragon: 6:58am On Sep 24, 2020 |
The write up is very mischievous & an obvious narrative to justify a failing & rudderless economic plan by this 'regime'. The writer has probably never heard of Purchasing Power Parity (PPP). In developed countries, not only are thier goods & services of higher quality, but they have a higher earning power. In essence, if that very same brand of bottle of water costing $1 in US is brought to Nigeria, it will still cost the equivalent of $1 (#500) if all other factors of production remain same (no additional import & transport cost, i.e.). If the writer has shopped in high class supermarts in Nigeria that deal in imported goods, he/she would have noticed the £ or $ price label on those goods & would have noticed that their equivalent in naira is higher. For instance, you can see imported Harpic or Chocolate bars with price labels of £1 costing #800 (after adding transport & import costs). As a parting, if the writer truly believe in what he/she wrote, then won't it make sense to keep our foreign reserves in Naira back in Nigeria where it has 'more value' than £ & $? 13 Likes 2 Shares |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by African26(m): 7:00am On Sep 24, 2020 |
. 1 Like |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Nickshrapnel: 7:01am On Sep 24, 2020 |
Damn! Who wrote this crap?
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Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Wilstino: 7:10am On Sep 24, 2020 |
This would have made sense of course if we produced what we consume. Like in China where most of its need are locally produce such arguement will hold water. But in a country like ours, where most things including our basic need are imported, you need the dollar to procure them. Thus, the implication is that the high exchange rate results in high cost of goods and items. 1 Like |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by rottennaija(m): 7:16am On Sep 24, 2020 |
femi4: Please explain |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by rottennaija(m): 7:21am On Sep 24, 2020 |
ivandragon: You mean I'll have to buy that particular brand of water for 500 naira here because it cost 1$ dollars there? Is it made of gold or special impurities are added to it? 2 Likes |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by seanblaise(m): 7:24am On Sep 24, 2020 |
Its always good we do our research before writing a post of commenting on a post. In this article, the OP tried to compare goods and services we produce locally to goods and services produced locally in the western world. While he has some valid points, his analogy was not holistic. Lets look at it from this angle; The world sees the US dollar as a global currency. If a nation or an individual wants to trade internationally, he/she has to convert his funds into the dollar in other to trade. In Nigeria for instance, our naira is a second class currency, so when ever you deposit 1000 naira in a bank, the CBN only views such funds using the lens of the dollar. It simply means that taking the current 460 Naira per dollar, an individual who has 1000 Naira in his bank account only has a little above 2 dollars. Its the exchange rate should drop to about 200 Naira per Dollar, it means that same individual now has 5 dollars domiciled with the CBN. Like someone said above, the average wage in America is $4800 ( not sure about this though), this loosely translates to #2208000. How many people earn more than 2million naira per month in Nigeria. The CBN does not even keep your funds in Naira, the keep the dollar equivalent for you and that is why even our own National reserves are kept in dollars. Here is the trick which confuses many people. The value/strength of a currency is not reflected on the digits of the currency, it is rather a function of the purchasing power parity (PPP) and global acceptibility. What this means is that, the british pounds may have a lower digit strength than the dollar, but its not stronger than the dollar in the international market. 1$ is equivalent to 0.79 pounds sterling, but when you want to trade internationally, you still have to convert to the dollar. That does not mean the British pounds is weak. Another instance is comparing a successful and developed nation like Japan to America. The Japanese Yen trades at 105yen per dollar. This doesn't mean Japan as a country is doing badly. Ask yourself this question, If you earn 50k in Nigeria, will you be paid 50,000 dollars for the same exact jobe you do in Nigeria in America?? 21 Likes 4 Shares |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by EagleNest(m): 7:27am On Sep 24, 2020 |
Too simplistic and the ops examples are NOT true! |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Iceyjayzz(m): 7:28am On Sep 24, 2020 |
kurupt1:Your own brain is malfunctioning, someone is saying something important and you are here fooling yourself. 2 Likes |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Kpomosauce: 7:31am On Sep 24, 2020 |
Tunde835:Because dollar has value there than naira has here |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Notatribalist(m): 7:32am On Sep 24, 2020 |
Biodun556:I didn't finished reading but I can confirm everything to be true.I have been to 8 countries in the world and sentiment apart naira is more valuable than this supper power currencie..If 2016 I was scared when I was about to visit Nigeria from Ghana..Because the complaints over how bad Nigeria economy was as at then was deafening.. And when I got to Nigeria I was shocked to see how cheap things were,then I started asking myself where is the recession.. The truth is most Nigerians have taken it upon themselves to wail at everything Nigeria,and by doing that they are sending negative picture to the world. 4 Likes 1 Share |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by TinubuGoQuench(f): 7:35am On Sep 24, 2020 |
Eruobodo is a stupid fool! What a useless analysis |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Notatribalist(m): 7:35am On Sep 24, 2020 |
seanblaise:Is not about how much you earn,it's about how easily the money fly's . 1 Like |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by AllOfUsAtManna(f): 7:36am On Sep 24, 2020 |
a write up by a yeroba Muslim |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Kpomosauce: 7:39am On Sep 24, 2020 |
femi4:the guy mumu shock you |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by CodeTemplar: 7:41am On Sep 24, 2020 |
iHart:One Naira was once equivalent to one Dollar. How about that. The quality of 1 bedroom flat there isn't same as 2 bedroom flat here because water flows, power is constant, amenities work(mail, roads, train, healthcare, education). The disparity in buying power is effectively negated by standard of society. 1 Like |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by ourema(f): 7:46am On Sep 24, 2020 |
Kpomosauce: $1 is N500 please he made a good point 1 Like |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Nobody: 7:47am On Sep 24, 2020 |
This op and buhari get same type of brain |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by Amos1423(m): 7:48am On Sep 24, 2020 |
My brother I don't know where in Nigeria you buy a pack of bottle water for 500 but from your analysis 1$ isn't N1 so next time try and use 1$ and N1 for your comparison, not until then I would say 'you dey craze'. 3 Likes |
Re: Naira Is More Valuable Than Dollar And Pound. Ignorance Is Killing Us. Wake Up! by seanblaise(m): 7:51am On Sep 24, 2020 |
Notatribalist:Do you think everyone in America is rich? Or do you think making money and having something to save is easy overseas?...Have you ever asked yourself what type of jobs Nigerians do when they go to the west? Our graduates sweep streets, they walk dogs, they drives taxies and work in restaurants, and these are jobs they are not willing to do here in Nigeria. If we enjoy same things Americans or Europeans enjoy( electricity, good education, good health care, good security, efficient tranport services etc) No Nigerian will like to leave for the west where they suffer inhumane conditions just to survive. 8 Likes 2 Shares |
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