rottennaija:


Explain how. He made a serious point.

He said N500 will buy you a pack of bottle water right? Now how many bottle water can you buy with N500 in the US?

With $1 you buy a pack of bottled water here!

Therefore $1 = N500

Meaning there money is 500 times higher than your own.

Hope you learn small here.

Openbusiness:
You're the one that is not knowledgeable. If you want to compare purchasing power, then you compare purchasing power of a currency within its local economy. in UK economy, ok, you saw advert of broom at £11. Mr man, can you buy broom at N11 in Nigeria? Tell me na. After all, broom = 100% locally manufactured product. So nothing like FX issue here. A broom manufactured in Nigeria is how much in naira? A broom manufactured in UK is how much in UK? Going by this your broom example, it further shows you how useless your local economy is. Because I don't think there's anywhere in this country, even in the North where things are cheaper, than you will buy broom for N11

Bro the dumbness of most Nigerians is appalling. I no even dey reply mentions again

PrudencyFeats:


He said N500 will buy you a pack of bottle water right? Now how many bottle water can you buy with N500 in the US?

With $1 you buy a pack of bottled water here!

Therefore $1 = N500

Meaning there money is 500 times higher than your own.

Hope you learn small here.

And yet, can that 1$ buy the same value within US? Can 1$ buy the pack there?

why is this not still in Front page

XXXXTENTACION:
the poster is promoting propaganda to decieve people if you doubt me you should compare the purchasing power of 5,000 naira to 5,000 dollars.

And yet you cannot refute his propaganda. His point is made. For,
locally produced goods within the same framework of the equivalent money, Naira has more purchasing power than the dollars.

Openbusiness:
Africa has always been resources dependent and that's why they are at the bottom of the food chain in this world. Then Nigeria has been crude oil dependent for the last half a century. Honestly it's not a bad thing. We had an OIL BOOM era. BUT the problem is successive Governments FAILED to harness and capitalize on the oil boom era to build critical economic development in Nigeria. Rather they squandered and looted the bulk of the common wealth among govt officials and some private pockets that don't even make up to 2% of the population. Like they say, all things must come to an end, good or bad. And whether we like it or not, the OIL BOOM era is coming to an end. Now you see the govt trying to find the next mineral resources to jump on that can fill the oil gap but that cannot work in the long run. Whether we like it or not, TRADE is what creates wealth in this world. The earliest form was Trade by Barter as economics teaches and this is the foundation for the global economy and the root for national wealth. You have to have something that someone else needs to get what you want from someone who has what you need. And this is the basic principle. What we have is the Naira in our economy, and crude oil is the major commodity people look for the naira to make an exchange. If a Ghana man wants to buy Ijebu garri for example, he needs to change his Cedis to Naira. So because of garrri, he is looking for Naira. So the truth is, the more commodity you have available for sale, the more people look for your currency to exchange. And the more people look for your currency for exchange (aka the higher the demand for your currency), the higher the value of your currency among other currencies in the global currency exchange market. Nigerians are always importing, hence looking for other economies currencies because they want those commodities in other countries. So your currency value is directly tied to your local manufacturing capacity and then the quality of the goods produced. We cannot have a strong economy when we produce little and we cannot have a strong economy when we produce inferior quality products. Look at the local rice they are making, it is full of stones. Which foreign country or buyers or consumers in the global market will want to buy that rubbish for the price they are selling it. Even the local consumers here, if not for govt forcing it on us to buy, if they open the market to foreign competition, many local consumers will rather buy a stone free imported rice than buy stony local rice that sell at about the same amount. So until we start telling ourselves the truth, this country will continue dancing in circles and heading towards economic doom. But what I have seen it that our people will rather hear sweet lies like this story the OP posted, than hear the bitter truth. So let's just (excluding me) continue lying to ourselves that we are the giant of Africa, that Naira is better than dollar. And let's keep lying to ourselves that Nigeria is an eldorado. One day one day, the bubble will burst.

Guy oil dey your head! Truly you're well read

Xclusiveme:


You are not intelligent at all, U forgot there was a time one us dollar was 0.90kobo and the price of bread here was about N5

Stop insulting people. Present facts and figures.

rottennaija:


Stop insulting people. Present facts and figures.

I don't know why must Nigerians behave like barbarians, can't you present your fact devoid of insults, it truly shows you're empty if you cannot present your opinions without insults, no cap

rottennaija:


And yet you cannot refute his propaganda. His point is made. For,
locally produced goods within the same framework of the equivalent money, Naira has more purchasing power than the dollars.

Please don't argue with them again. They do not understand the basics . Let them keep comparing $1 to 1 naira.

Lol..the author of this article is either been deliberately misleading or just not bright. He claims to be comparing the value of currencies whereas he is actually comparing the cost of living. While you are at it, make sure to compare the minimum wage per hour in Nigeria (188Naira/0 4$) to that of the US(3625Naira/7.25$) and the Uk (3930-5232Naira/6.55-8.72£) using your exch rates and also inquire on what percentage of our 18+ population earn up to the 30k minimum wage monthly.

My problem with Nigerians is that once some of us are comfortable we tend to forget that the majority amongst us can barely afford the very basic needs of life

Since we are comparing "economic indices" why did he not compare the inflation rate here >12% and <2% in those places?

Mumu post

Openbusiness:
Africa has always been resources dependent and that's why they are at the bottom of the food chain in this world. Then Nigeria has been crude oil dependent for the last half a century. Honestly it's not a bad thing. We had an OIL BOOM era. BUT the problem is successive Governments FAILED to harness and capitalize on the oil boom era to build critical economic development in Nigeria. Rather they squandered and looted the bulk of the common wealth among govt officials and some private pockets that don't even make up to 2% of the population. Like they say, all things must come to an end, good or bad. And whether we like it or not, the OIL BOOM era is coming to an end. Now you see the govt trying to find the next mineral resources to jump on that can fill the oil gap but that cannot work in the long run. Whether we like it or not, TRADE is what creates wealth in this world. The earliest form was Trade by Barter as economics teaches and this is the foundation for the global economy and the root for national wealth. You have to have something that someone else needs to get what you want from someone who has what you need. And this is the basic principle. What we have is the Naira in our economy, and crude oil is the major commodity people look for the naira to make an exchange. If a Ghana man wants to buy Ijebu garri for example, he needs to change his Cedis to Naira. So because of garrri, he is looking for Naira. So the truth is, the more commodity you have available for sale, the more people look for your currency to exchange. And the more people look for your currency for exchange (aka the higher the demand for your currency), the higher the value of your currency among other currencies in the global currency exchange market. Nigerians are always importing, hence looking for other economies currencies because they want those commodities in other countries. So your currency value is directly tied to your local manufacturing capacity and then the quality of the goods produced. We cannot have a strong economy when we produce little and we cannot have a strong economy when we produce inferior quality products. Look at the local rice they are making, it is full of stones. Which foreign country or buyers or consumers in the global market will want to buy that rubbish for the price they are selling it. Even the local consumers here, if not for govt forcing it on us to buy, if they open the market to foreign competition, many local consumers will rather buy a stone free imported rice than buy stony local rice that sell at about the same amount. So until we start telling ourselves the truth, this country will continue dancing in circles and heading towards economic doom. But what I have seen it that our people will rather hear sweet lies like this story the OP posted, than hear the bitter truth. So let's just (excluding me) continue lying to ourselves that we are the giant of Africa, that Naira is better than dollar. And let's keep lying to ourselves that Nigeria is an eldorado. One day one day, the bubble will burst.

Bro you are even trying to reply them. This past few years has really let me know that we have extremely foolish people in Nigeria Including the ones who speak big grammar. God forbid that my children will see Nigeria. You think we are bad now, things are going to be much worse in the future at the rate we are going if something drastic isn't done.

Kpomosauce:
Bro the dumbness of most Nigerians is appalling. I no even dey reply mentions again

Don't mind dem, dey just make my head spark dis morning.

$1,000,000 = N460,000,000

It is easier for an average American to make $1m dollars than for an average Nigerian to make N460m in a life time under the 2 economies separately and independently.

Great piece there and it was all true but still the purchasing powers of dollars and pounds in those owning countries are as hard as gem stones. Those whites too complain about how hard it is for them to pay their bills.

The only difference is that they get paid with equivalent of their workloads while in Nigeria workers get paid less and below.

But my stand out on your piece OP, is that, stop mentioning Dino melaye. He did nothing wrong. If he had never being in charge of any treasury as a state Gov, Minister, perm sec, dep. Gov, president or the vice of the president but has only been a Senator and a house of reps members which had made him to earn same way the other reps members and senators earn and not more, then there is no reason bringing him to any mud.

Instead every senators and reps should be dragged because ir only shows that all of them have the same spending powers but are busy spending theirs on girls and concubines while Melaye enjoys spending his on himself.

So if no authority thinks of quizzing him over his wealth while he has no other source of income than being in the aforementioned positions, we should just leave him alone.

As for me i dont say what I can't prove or base my judgement on what people say or what I feel but not what I know.

mithras:
why is this not still in Front page

no mod will be stupid enough to push this Trash to front page

rottennaija:


And yet you cannot refute his propaganda. His point is made. For,
locally produced goods within the same framework of the equivalent money, Naira has more purchasing power than the dollars.

here its simple what can you buy with 4 naira in Nigeria or abroad

but with $4 dollars you can buy things both home and abroad

rottennaija:


And yet you cannot refute his propaganda. His point is made. For,
locally produced goods within the same framework of the equivalent money, Naira has more purchasing power than the dollars.

it's either you wasted your school fees or you're a Troll.

Starcrest1:
Naira is not more valuable than the dollar but it's just about numbers. This will make sense to people who are converting the dollar to naira but if you stay in the US, it wouldn't mean much to you because the value of the goods is proportional to what you earn.

Some people earn $2000 a week. That's what some average earners earn in six months in Nigeria. Now imagine renting apartment to that average earner for $1500 a month it's not possible naa.

So the value comes in play when you compare it with what you earn understand?

In NIGERIA, it's more valuable than other Foreign Currencies because it's very illegal to spend other Currencies anywhere in NIGERIA except at the CBN.

Oga Eruobodo, u have no idea of what ure talking about!

U are no different from d Dino u seem to want to unintelligently shade.

Ure comparing purchasing power of d naira/dollar vis-à-vis finished products and I can tell that u have never left d shores of Nigeria, and have arrived at ur conclusions via second hand stories from friends of a friend abroad.

The bread u used as an example is made with products that are 90% imported. The bottle water u have so happily costed as cheap is made with imported equipments and materials.

Ur country is presently killing off small businesses, while America is known as a country of mom&pop (small scale) businesses.

In short, in d words of Asari Dokubo, U think say u wise ure a MUMU MAN!!

Wow!...I have looked at the naira/dollar exchange rate from this angle. Quite an interesting n educative read.

Let me reserve my opinion on what the op wrote to myself.

KendrickAyomide:
no mod will be stupid enough to push this Trash to front page

How market?

rottennaija:


And yet, can that 1$ buy the same value within US? Can 1$ buy the pack there?

Since its $1 - N500 yes it can buy it

Now ask yourself can your N1 buy 1 bottle water there... So your money is less valued in thier country while there $1 has more bere

tensazangetsu20:


Bro you are even trying to reply them. This past few years has really let me know that we have extremely foolish people in Nigeria Including the ones who speak big grammar. God forbid that my children will see Nigeria. You think we are bad now, things are going to be much worse in the future at the rate we are going if something drastic isn't done.

The article is obviously a paid propaganda to defend the economic failure of this current regime that has further bastardized the naira from the $1 = N220 they claimed was a disaster under the GEJ govt that pushed it from 180. But all na wash. All through my primary school and up to form 2, my brother na coins I dey spend, I never know what it's like to hold paper money. Rich men children of those days they come to school with N5. I went to school with 50kobo, and it's not as if I was from an extremely poor family that lived under the bridge. That 50 kobo sef, we still dey ball and chop life on top. Do the generation of today even.know what coins look like? Maybe if they read text book sha, it might be there. But till today, they are still spending coins in America and Europe, cents and pennies are still part of their purchasing economy and there are things you can buy that cost less than a dollar and pound. Yet one mumu that doesn't know he is a mumu and was probably paid to write a mumu article that will create more mumus like him is now telling us that Naira has more value than Dollar and Pounds. Mtchwwwwwww. Dis kain lie dey provoke person. It means these politicians view majority of Nigerians as idiots. Chaiii! Dey don see Nigerians finish. Na c finish dey cause am. After all, we have around 80 million or more eligible voters, out of which probably 30 million are accredited every election cycle and then 98% of the actual voters queue behind APC OR PDP, 2 certifiable useless evil corrupt parties with nothing to offer other than looting and stealing and oppressing the public to death with taxes and guns. Yet, people cannot say enough is enough, 2023, all of us will queue behind another vibrant party with neutral candidates, not people that are stooges and boys of the political godfathers holding this country to ransom. NO, the voting public are already shouting Atikulation 2023, Jagaban 2023 etc the same PDP and APC. D baba wey tie the minds of 180 million Nigerians and put it inside empty pot and bury it under Aso Rock, na GOD go judge you

18k minimum wage in Nigeria is how much in Dollar n GBP?
How much is minimum wages of people in US and Britiain

Openbusiness:
The article is obviously a paid propaganda to defend the economic failure of this current regime that has further bastardized the naira from the $1 = N220 they claimed was a disaster under the GEJ govt that pushed it from 180. But all na wash. All through my primary school and up to form 2, my brother na coins I dey spend, I never know what it's like to hold paper money. Rich men children of those days they come to school with N5. I went to school with 50kobo, and it's not as if I was from an extremely poor family that lived under the bridge. That 50 kobo sef, we still dey ball and chop life on top. Do the generation of today even.know what coins look like? Maybe if they read text book sha, it might be there. But till today, they are still spending coins in America and Europe, cents and pennies are still part of their purchasing economy and there are things you can buy that cost less than a dollar and pound. Yet one mumu that doesn't know he is a mumu and was probably paid to write a mumu article that will create more mumus like him is now telling us that Naira has more value than Dollar and Pounds. Mtchwwwwwww. Dis kain lie dey provoke person. It means these politicians view majority of Nigerians as idiots. Chaiii! Dey don see Nigerians finish. Na c finish dey cause am. After all, we have around 80 million or more eligible voters, out of which probably 30 million are accredited every election cycle and then 98% of the actual voters queue behind APC OR PDP, 2 certifiable useless evil corrupt parties with nothing to offer other than looting and stealing and oppressing the public to death with taxes and guns. Yet, people cannot say enough is enough, 2023, all of us will queue behind another vibrant party with neutral candidates, not people that are stooges and boys of the political godfathers holding this country to ransom. NO, the voting public are already shouting Atikulation 2023, Jagaban 2023 etc the same PDP and APC. D baba wey tie the minds of 180 million Nigerians and put it inside empty pot and bury it under Aso Rock, na GOD go judge you

Bro Nigeria is a lost cause. The country can't be good ever. We have more foolish people like 99 percent of Nigerians are foolish and in elections majority carries the vote at least America put in electoral college to stop nonsense. Us nothing.

Hmmmm

Nigeria is dead. It will take a Nigerian that can form a quorum to wake it up, not Heaven that only helps if you help yourselves.

The guy gave you a simple rational way that even a dummy can understand, but miseducated and indoctrinated Africans, operating on mental slavery are comparing one naira to one dollar.

Are you educated enough, if you are not old enough to know that one Nigerian pound was one British pound or seven and six pence to a US dollar?

What changed? Junk importation, Structural Adjustment and Political Devaluations based outside of gold standard found in abundance in Gold Coast.

Nigeria exported less but more important, Nigeria depended much more on local products then.

This guy made BUY NIGERIAN products and services into simple a b c d you learned in primary schools. Yet, you guys are comparing US one dollar to one Naira.

Who put this curse and indoctrination on you?

Oil Income!

You also shot yourself on the leg. The naira equivalent of one dollar is 500

Kpomosauce:
you just shot yourself on the leg guy

one dollar can buy you bottle water within the borders of the US. Now what can 1 naira buy within Nigeria.

PrudencyFeats:


Since its $1 - N500 yes it can buy it

Now ask yourself can your N1 buy 1 bottle water there... So your money is less valued in thier country while there $1 has more bere

Then clearly you didn't read the post or have not been following the US economy. A 1.5l bottle of water cost 1.82$ (appro. 700 naira in the official exchange rate of 386/1$). A question for you, can you a 1.5l of bottle water in Nigeria, any brand of table water for that more than 300 naira (0.78$) in Nigeria?

We understand. Our currency is valued less than the US currency. At the same time, our money have more value for the same good produced within our borders. Our cost of living is low, compared to their own irrespective of how strong their currency is.

Imagine someone in the south south that earns 10k per month. But rice is 500/cup, beans is 50/cup and another that earns 50k per month say in the North but rice is 400/cup and bean is 400/cup. Who actually has a lower cost of living?

You are pointing their the exchange rate and the obvious fact that our currency is less valuable than the US dollars. But at the equivalent value, whose currency has a higher value for purchase of goods and services at that equivalent value?

KendrickAyomide:
it's either you wasted your school fees or you're a Troll.

And yet you have not offered any tangible argument. Just name calling, insult etc. I expected you to offer a tangible proof with facts.

XXXXTENTACION:
here its simple what can you buy with 4 naira in Nigeria or abroad

but with $4 dollars you can buy things both home and abroad

You are still talking trash. Go through my post here to learn one or two things.

rottennaija:


Then clearly you didn't read the post or have not been following the US economy. A 1.5l bottle of water cost 1.82$ (appro. 700 naira in the official exchange rate of 386/1$). A question for you, can you a 1.5l of bottle water in Nigeria, any brand of table water for that more than 300 naira (0.78$) in Nigeria?

We understand. Our currency is valued less than the US currency. At the same time, our money have more value for the same good produced within our borders. Our cost of living is low, compared to their own irrespective of how strong their currency is.

Imagine someone in the south south that earns 10k per month. But rice is 500/cup, beans is 50/cup and another that earns 50k per month say in the North but rice is 400/cup and bean is 400/cup. Who actually has a lower cost of living?

You are pointing their the exchange rate and the obvious fact that our currency is less valuable than the US dollars. But at the equivalent value, whose currency has a higher value for purchase of goods and services at that equivalent value?

ethicallyright:


Please don't argue with them again. They do not understand the basics . Let them keep comparing $1 to 1 naira.

It's like they deliberately refuse to read.

rottennaija:


And yet you have not offered any tangible argument. Just name calling, insult etc. I expected you to offer a tangible proof with facts.

you have been given enough proofs but you keep arguing, so you're a Troll