Your thoughts!

Modified;
I have seen some arguments that are off point at a tangent. The idea is comparing the naira to the dollar in terms of their purchasing power after adjustments for inflation and cost of living (in our case also for tariffs, imported inflation etc)

So for instance we could compare cost of 0.75cl of water in the US and Nigeria. or other products that are locally produced in each country

Response from diaspora preferred

E be like say dem just renew ur salary abi

Wehrey

Goan use 500 buy Sardines nd onions with Tomato paste...

since u guys like comparing shiit..

How much is full chicken at Walmart nd how much is full chicken in our local market...

That's a lie... With $1, you can buy things in Usa like bottle soft drinks e.t.c

I dey come make i go confirm weda na tru frm USA...........

inoki247:
Goan use 500 buy Sardines nd onions with Tomato paste...

since u guys like comparing shiit..

How much is full chicken at Walmart nd how much is full chicken in our local market...

Go and use $1 to buy those things na

helinues:
That's a lie... With $1, you can buy things in Usa like bottle soft drinks e.t.c

No one said there is nothing $1 can buy

BeLookingIDIOT:

No one said there is nothing $1 can buy

So what can you buy satisfactory with N500 in Nigeria?

Yes, very correct.

With $1 here in the US, you can only buy 1 0.75l of bottled water or some canned drinks, remember tax of some cents will be added.

Though the effect of serial naira devaluation has crippled the purchasing power of Naira, but with N500, you can buy many things in Nigeria like soap, creams, toothpaste, excercise books and some others.

If anyone doubt my comment, let him prove me wrong and I'll personally go to Food Lion, Family Dollar store are take shots of their prices to see if one dollar products are common.

Though there's a store called 1 dollar store, 70% of their products are $1 but you'll still be taxed.

As someone in the U.S, he is right. There is nothing in America you can buy fo $1 -- especially in big cities like New York or Las Angeles.

Goodness me, Nigerians we need to chill, its just a question and some are insulting, being aggressive and all that.

Well I blame the bad leadership for getting us this worked up and frustrated. But then aren't these leaders chosen from among us

A wise person compares $1 to 1 Naira.

A wise person compares $500 to 500 Naira.

But many are not wise


Modified: The op modified his post to talk about PPP.
The dell laptop you imported from USA, will it be cheaper in Nigeria? What about the iPhone? What about an electric car?


Take a look around you and see products imported.

It's ridiculous to always talk about FOOD when referring to PPP.


More notes outsourced below.

Why We Don't Live in a PPP World
PPP depends on the law of one price. That states that
once the difference in exchange rates is accounted for,
then everything would cost the same.
That's not true in the real world for four reasons. First,
there are differences in transportation costs, taxes,
and tariffs . These costs will raise prices in a country.
Countries with many trade agreements will have lower
prices because they have fewer tariffs. Socialist
countries will have higher costs because they have
more taxes.
A second reason is that some things, like real estate
and haircuts, can't be shipped. Only ultra-wealthy
global travelers can compare the prices of homes in
New York to those in London.
A third reason is that not everyone has the same
access to international trade. For example, someone in
rural China can't compare the prices of oxen sold
throughout the world. But Amazon and other online
retailers are providing more real purchasing power
parity to even rural dwellers.
A fourth reason is that import costs are subject to
exchange rate fluctuations. For example, when the U.S.
dollar weakens, then Americans pay more for imports.
The most significant driver of changing exchange rate
values is the foreign exchange market. It creates wide
swings in exchange rate values. For example, in 2014,
many traders shorted the euro. The European
Union's currency dropped. As a result, costs
throughout the EU also fell. When traders began
shorting the U.S. dollar in 2017, the dollar weakened.

source>> https://www.thebalance.com/purchasing-power-parity-3305953

jmoore:
A wise person compares $1 to 1 Naira.

A wise person compares $500 to 500 Naira.

But many are not wise.

No! big guy it's called PPP - Purchasing Power Parity (measurement of prices in different countries that uses the prices of specific goods )

Praxis758:
Yes, very correct.

With $1 here in the US, you can only buy 1 0.75l of bottled water or some canned drinks, remember tax of some cents will be added.

Though the effect of serial naira devaluation has crippled the purchasing power of Naira, but with N500, you can buy many things in Nigeria like soap, creams, toothpaste, excercise books and some others.

If anyone doubt my comment, let him prove me wrong and I'll personally go to Food Lion, Family Dollar store are take shots of their prices to see if one dollar products are common.

Though there's a store called 1 dollar store, 70% of their products are $1 but you'll still be taxed.

Toothpaste alone is N250.
Exercise book is N100 for 40 leaves
The least cream you can see is N350 depending on your location.
A plate of food is N350 depending on the restaurant ( beef is N100). Titus saddine is now N300 depending on your location

With N500 you can load you stomach and have some change:

Bread: N100
Beans: N100
Meat/fish: N100
Coke Cola': N100
×××××××××××××××
Total: N400. N400
Eva Water: : N100. 2 Pure Water: N20
***** ******
Change. 0 N80
****** ******

#agege bread
#pepsi/cocacola


U go still collect change self #300

Meaning a non entity in USA can come to Nigeria with few dollars and buy LAGOS State.

This mumu didn't understand what he's saying.

I'm not contending your facts.

My point is purchasing power of $1 is weak here in the US compare to what N500 can afford in Nigeria

None of those items you mentioned can be afforded with $1 here in the US.

edoairways:

Toothpaste alone is N250.
Exercise book is N100 for 40 leaves
The least cream you can see is N350 depending on your location.
A plate of food is N350 depending on the restaurant ( beef is N100). Titus saddine is now N300 depending on your location

buy 3 bole #100


2 chilled sachet water #20


collect. #380�


(my today experience)

Praxis758:
I'm not contending your facts.

My point is purchasing power of $1 is weak here in the US compare to what N500 can afford in Nigeria

None of those items you mentioned can be afforded with $1 here in the US.

serious about that? well I was told people coming to spray dollars on arrival do work their body , soul and spirit out to make those monies

U don't compare the value of money in a developed country to it's exchanged vale in a poverty-striken economy like nigeria. Dollar is of lesser value in Other african countries.

You can easily make $1 in the US than N500 in Nigeria.

BeLookingIDIOT:

Go and use $1 to buy those things na

Good. Then let naira continue to fall since it is not bad enough.

I hope you are not a salary earner or an ordinary business person that earns in naira. If you are, you will be the one to suffer the brunt.

Sirfrederick:
You can easily make $1 in the US than N500 in Nigeria.

did you type this from experience or you are thinking-typing

Sirfrederick:
You can easily make $1 in the US than N500 in Nigeria.

did you type this from experience or you are just thinking-typing

Praxis758:
I'm not contending your facts.

My point is purchasing power of $1 is weak here in the US compare to what N500 can afford in Nigeria

None of those items you mentioned can be afforded with $1 here in the US.

bro you've done well no point arguing with those us that are home base, we are just too stubborn when it comes to comparing Nigeria and other countries.
two factors - 1) we feel depressed and worthless (inferiority complex) 2) we hate it hearing anything good about our country (all we want 1st thing waking up about our country is something negative, hearing negative things about Nigeria now give a lot joy).
all that man want to hear is 'dollar is valuable than Naira' telling him Naira has a better purchasing power is a waste of time.

Raylight2:

did you type this from experience or you are just thinking-typing

Ordinary keep the change in the US is like 2 dollars upwards.

Keep the change in Nigeria is like 200 upwards.

Sirfrederick:

Ordinary keep the change in the US is like 2 dollars upwards.
Keep the change in Nigeria is like 200 upwards.

well you may be right