₦airaland Forum

I have a question for you.
You are to only pick one.

If you are given $10,000 or NGN 7,000,000 to be fixed with no interest for a duration of 3 years. This means you cannot access any of the funds till October 01, 2023. Which would you pick?

Obviously dollars because of the rate of inflation in Nigeria and likelihood of depreciation in naira value..
So what exactly are you selling? Out with it!

ultimatex:
I have a question for you.
You are to only pick one.

If you are given $10,000 or NGN 7,000,000 to be fixed with no interest for a duration of 3 years. This means you cannot access any of the funds till October 01, 2023. Which would you pick?

sonofElElyon:
Obviously dollars because of the rate of inflation in Nigeria and likelihood of depreciation in naira value..
So what exactly are you selling? Out with it!

Can a dollar sell above N700 before 2023?

i'll take the #7,000,000
i don't see the naira falling as far as 700 naira to the dollar in 3 years

Oh.. guess I didn't do the conversion.. just assumed you used current exchange rate..
Well.. hmmm..

Davash222:
Can a dollar sell above N700 before 2023?

sonofElElyon:
Am I God to know that?

So, why then are you choosing $10K over 7Million Naira?

Oh.. guess I didn't do the conversion.. just assumed you used current exchange rate..
Well.. hmmm..
N7m seems a better choice..

Davash222:
So, why then are you choosing $10K over 7Million Naira?

Davash222:
Can a dollar sell above N700 before 2023?

That is the big question.

Xerxes2088:
i'll take the #7,000,000
i don't see the naira falling as far as 700 naira to the dollar in 3 years

Don't be too sure about that

ultimatex:
I have a question for you.
You are to only pick one.

If you are given $10,000 or NGN 7,000,000 to be fixed with no interest for a duration of 3 years. This means you cannot access any of the funds till October 01, 2023. Which would you pick?

Davash222:
So, why then are you choosing $10K over 7Million Naira?

I would choose $10,000 over N7,000,000 in this scenario even if you ask me 1,000 times.

Reasons
US$ is a far better store of value especially if the funds will be fixed for such a long time

The possibility of exchange rate falling to 1$ to N1,000 within the next 3 years is a reality. Why do you think there has suddenly being a spike in prices in Nigeria?

Crude oil which is our main forex earner has dropped therefore manufactures are having a difficult time accessing forex with which to pay for imports of essential raw materials and machinery

SavageResponse:
I would choose $10,000 over N7,000,000 in this scenario even if you ask me 1,000 times.

Reasons
US$ is a far better store of value especially if the funds will be fixed for such a long time

The possibility of exchange rate falling to 1$ to N1,000 within the next 3 years is a reality. Why do you think there has suddenly being a spike in prices in Nigeria?

Crude oil which is our main forex earner has dropped therefore manufactures are having a difficult time accessing forex with which to pay for imports of essential raw materials and machinery

You have a very interesting point here.