9million Israelites using their brain to intercept weapons from Gaza that can wipe an entire nation.
Any country with such population as Nigeria should be 1st at anything (Sports, Manufacturing, Sciences etc) this was what Britain saw and vowed never to let it happen.
While.we are comparing the numbers of the curency can we also please compare the purchasing power?? We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.
Let me ask you, I dollar is = 480naira (what is the purchasing power of both? 1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich 1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria. 500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa, 500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll 100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT
If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.
this is really stupidd. What are u comparing? Why don't you pitch 1 naira against 1 $. Talking about what 500 naira can buy? What exactly? Why not tell us what $500 can buy. Naira is a dead currency all-round
Lol, what are you saying? You are comparing purchasing power from two different country is that what economics taught you? Obviously we didn't arrive at the conclusion that naira is useless by comparing figures alone, we also do thorough analysis with base year figures. Talking about purchasing power, what your naira can buy in 2015, can same naira buy same quantity and quality in 2021? Sachet water is fucking 20 naira and you are talking about purchasing power. If you want to talk of purchasing power, look at what you can import from china using US dollar and Nigerian Naira then you can be talking about purchasing power parity or comparison. Baseline, the money called naira is becoming more useless by the day
While.we are comparing the numbers of the curency can we also please compare the purchasing power?? We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.
Let me ask you, I dollar is = 480naira (what is the purchasing power of both? 1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich 1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria. 500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa, 500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll 100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT
If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.
Charlie, stop decieving people biko - You earn before you purchase! Tell them the earning power of the NGN first abeg!!!
That guy above has only sold some half-truth to you and that is very poisonous and misleading. The NGN has no value period!
He told you about purchasing power, what he did not tell you is that you have to earn the currency before you can use it to purchase anything. Did you know that average minimum wage in USA is circa $2,000 p/m (= NGN 960,000) while the average minimum wage in Nigeria is NGN 30,000 p/m =($63).
Place these values on the same table to see how far apart they are
(a) USD 2,000 to USD 63
(b) NGN 960,000 to NGN 30,000
Whichever way you find yourself, you will lose with the NGN!
Bitter truth is that the average minimum wage earner in Nigeria takes about 3 years to earn what his counterpart earns in a month in the USA.
Next time anybody tells you NGN500 will buy you water, meatpie, eegroll, malt, akara and moi moi - just tell him all those stuff are substandard and poorly made food. NGN 500 would never get you a healthy meal, e get why Heineken cost pass Goldberg but all na Lager
Thanks for breaking it down. I didnt even read your analysis before responding to his half baked truth. His analysis was just misleading. How about other variables? Well, na who no know dem go deceive
While.we are comparing the numbers of the curency can we also please compare the purchasing power?? We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.
Let me ask you, I dollar is = 480naira (what is the purchasing power of both? 1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich 1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria. 500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa, 500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll 100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT
If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.
While.we are comparing the numbers of the curency can we also please compare the purchasing power?? We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.
Let me ask you, I dollar is = 480naira (what is the purchasing power of both? 1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich 1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria. 500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa, 500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll 100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT
If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.
If we are to use your analysis, then we should factor in how long it's going to take to earn 1dollar in US and Nigeria base on the minimum wage. While an American will have to work for few minutes to earn $1, a Nigerian will have to work for about 12hrs to earn (₦480) $1.
the oil output is even what's saving us, those region with the highest output aren't giving us stress but this Fulani mumu that are producing or adding nothing to this Nigeria economy are the one causing havoc and unrest across Nigeria
we've the most fantastic corrupt leaders, Buhari is even deadly corrupt and economic dumb to lead already corruptible country like Nigeria
Charlie, stop decieving people biko - You earn before you purchase! Tell them the earning power of the NGN first abeg!!!
That guy above has only sold some half-truth to you and that is very poisonous and misleading. The NGN has no value period! Send me ur address I wan buy u one chilled plastic origin
He told you about purchasing power, what he did not tell you is that you have to earn the currency before you can use it to purchase anything. Did you know that average minimum wage in USA is circa $2,000 p/m (= NGN 960,000) while the average minimum wage in Nigeria is NGN 30,000 p/m =($63).
Place these values on the same table to see how far apart they are
(a) USD 2,000 to USD 63
(b) NGN 960,000 to NGN 30,000
Whichever way you find yourself, you will lose with the NGN!
Bitter truth is that the average minimum wage earner in Nigeria takes about 3 years to earn what his counterpart earns in a month in the USA.
Next time anybody tells you NGN500 will buy you water, meatpie, eegroll, malt, akara and moi moi - just tell him all those stuff are substandard and poorly made food. NGN 500 would never get you a healthy meal, e get why Heineken cost pass Goldberg but all na Lager
2015 when I went to cotonou, it was 360 naira to 1000 cfa. Gosh!!!
travelwaka: If you are visiting A French-speaking African country, there is a huge chance that you will be spending the Cefa. The CFA Franc (Cefa) is the official currency of eight west African countries which includes the Republic of Benin, Togo, Mali, Guinea Bissau, Senegal, Niger, Cote d’Ivoire, Burkina Faso.
In total, the Franc is used by 14 countries in sub-Saharan Africa. Each of these countries belongs to either the West African Economic and Monetary Union (WAEMU) or the Central Africa Economic and Monetary Union.
back in the days , 1 naira used to be between 3 cefa but as of May 2021.
1 Naira is 1.1 CFA 10 Naira is 11 CFA 100 naira is 110 CFA 1,000 naira is 1,100 cfA
Few years ago 1,000 naira will get you 3,000 CFA but today 1,000 naira is 1,100 cefa.
While.we are comparing the numbers of the curency can we also please compare the purchasing power?? We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.
Let me ask you, I dollar is = 480naira (what is the purchasing power of both? 1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich 1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria. 500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa, 500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll 100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT
If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.
Nonsense analysis, not worth it, see you can see 1 dollar, what of 1 naira even 5 naira can't buy anything here. Naira is complete useless now, For my opinion let's slash 1000 naira note to 100 naira. 100 naira be our highest money note for me oo. It will help small
Tell Nigerians to start producin g and they should reduce the barriers for manufacturing and exporting, then we gonna have a strong naira.
There was a time, 1 naira used to be 3 yen but as oil prices came down, it affected our currency and now, it is 1 naira = 0.26 yen
Tell Mr Tourist to start using our hospital and stop traveling to UK for medical tourism. Don't forget to remind him to start refining our fuel at home and not exporting then importing back. Its easy for you guys to blame everyone but yourselves.
travelwaka: If you are visiting A French-speaking African country, there is a huge chance that you will be spending the Cefa. The CFA Franc (Cefa) is the official currency of eight west African countries which includes the Republic of Benin, Togo, Mali, Guinea Bissau, Senegal, Niger, Cote d’Ivoire, Burkina Faso.
In total, the Franc is used by 14 countries in sub-Saharan Africa. Each of these countries belongs to either the West African Economic and Monetary Union (WAEMU) or the Central Africa Economic and Monetary Union.
back in the days , 1 naira used to be between 3 cefa but as of May 2021.
1 Naira is 1.1 CFA 10 Naira is 11 CFA 100 naira is 110 CFA 1,000 naira is 1,100 cfA
Few years ago 1,000 naira will get you 3,000 CFA but today 1,000 naira is 1,100 cefa.
I remember in the late 90's and early 2000's, I will take a few thousands to Benin Republic and buy a whole lot of things. Oh! Evil leaders have destroyed this nation and Buhari has made things even worse. Leaders without leadership skills and know-how.
SUPERPACK: We are just suffering from Dutch Disease. It can happen to any country or state. Our inability to diversify from oil kept us were we are now.
What stop PMB from implementing the recommendation given by Economist on diversification?
travelwaka: We need to do something about the Naira
When you reach Senegal wake me up. Baba port from badagry to Benin republic. God keep you safe. I respect you alot and your post are amazing. You, Explorer and macsgeb are the best on this forum. Nwamaikape I miss that dude too. Wait what? The name correct sho?
travelwaka: If you are visiting A French-speaking African country, there is a huge chance that you will be spending the Cefa. The CFA Franc (Cefa) is the official currency of eight west African countries which includes the Republic of Benin, Togo, Mali, Guinea Bissau, Senegal, Niger, Cote d’Ivoire, Burkina Faso.
In total, the Franc is used by 14 countries in sub-Saharan Africa. Each of these countries belongs to either the West African Economic and Monetary Union (WAEMU) or the Central Africa Economic and Monetary Union.
back in the days , 1 naira used to be between 3 cefa but as of May 2021.
1 Naira is 1.1 CFA 10 Naira is 11 CFA 100 naira is 110 CFA 1,000 naira is 1,100 cfA
Few years ago 1,000 naira will get you 3,000 CFA but today 1,000 naira is 1,100 cefa.
Thanks for not making me to waste my time replying the dude. I was about giving this same explanation but decided to read further comments to see whether someone will give a counter.
A man is the USA will earn $2000 and spend $1 on burger. That is just 1/2000 or 0.05% of his income. While a Nigerian who earn #18000 and spend #100 on inferior gala has already spent 5/9 or 0.56% of his income.
One earns #30,000 in income for 12 months will amass #360,000 yearly as salary. Paying #300,000 for a decent accommodation means there is just #60,000 left to survive on for a year. A man in America who earns $2000 and pays $750 for a decent accomodation will still have $1250 to spend on other things per month.
Charlie, stop decieving people biko - You earn before you purchase! Tell them the earning power of the NGN first abeg!!!
That guy above has only sold some half-truth to you and that is very poisonous and misleading. The NGN has no value period!
He told you about purchasing power, what he did not tell you is that you have to earn the currency before you can use it to purchase anything. Did you know that average minimum wage in USA is circa $2,000 p/m (= NGN 960,000) while the average minimum wage in Nigeria is NGN 30,000 p/m =($63).
Place these values on the same table to see how far apart they are
(a) USD 2,000 to USD 63
(b) NGN 960,000 to NGN 30,000
Whichever way you find yourself, you will lose with the NGN!
Bitter truth is that the average minimum wage earner in Nigeria takes about 3 years to earn what his counterpart earns in a month in the USA.
Next time anybody tells you NGN500 will buy you water, meatpie, eegroll, malt, akara and moi moi - just tell him all those stuff are substandard and poorly made food. NGN 500 would never get you a healthy meal, e get why Heineken cost pass Goldberg but all na Lager
agent01: This piece can only come from someone who can reason and think deep. A can of coca cola in the US is above $4. I have a friend earning 850 dollars per week in USA; but still suffering. The only thing that can make your earnings in Europe to have value is only if you did not spend a penny there. If you are in Nigeria, you can feed yourself with at least #250 per meal; that means the naira you spend is strong.
If your friend earns ($850 × 4) month, and a coca cola can costs $4, the ratio of the price of coca cola to his monthly take home is 1:850. (In other words, his monthly salary can conviniently buy 850 coca cola can monthly) If a coca cola can costs #150 in Nigeria, you'll need to earn #127, 500 monthly to purchase 850 cans. Considering the fact that the average income of US citizens is roughly around $900, its same to presume your friend over there is probably a low income earner. Here in Nigeria, a low income earner won't see #127, 000 in 3 full months of hard work. Whenever the purchasing power of different currencies is being analyzed, the only thing that validates the analysis is a premise of the rate of how those different currencies can be earned in their respective countries
While.we are comparing the numbers of the curency can we also please compare the purchasing power?? We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.
Let me ask you, I dollar is = 480naira (what is the purchasing power of both? 1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich 1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria. 500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa, 500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll 100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT
If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.
i thought there are only guys who don't reason normally on nairaland, every time i see an intelligent post, i always shout WOW
It is clear that that whole bunch in Nigerians like you are useless. Your type is only useless and should be burnt and impaled on a stake.... I remember exchanging this money at the border around 2014... We had a lot of advantages with a stronger currency... If I had like 1000 CFA on my return, I do not bother exchanging it because to me, it was not worth the effort.. now, the naira dey drag with CFA.. I do not still really understand the extent of the Nigerian problem, but this really hit home.
I also read that income did not increase in the same direction as the money.. My question is. Nigerians, how are you surviving? If Nigeria were not a zoo, Aso rock would have been on fire by now.
travelwaka: The moment you realize that an IPhone 12 is 1500 dollars where as it's 500,000 in Naira. You realize this analysis is just wrong. Your analysis only make sense to a Foreigner coming to Nigeria. But imagine a Business owner or manufacturer who used to buy a $100 resources at 15,000 when dollar was 150 naira then all of a sudden the same resources after 5 years is still $100 but it will now cost him and 46,000 naira which is triple the original price.
Whenever your currency is going bad it only favours foreigners coming into your country it doesn't favour the citizens.
From your analysis. A foreigner who can only buy 1 bottle water with 1 dollar comes in and all of a sudden he can buy 6, but you who is supposed to buy 6 goes into the international terrain, you can only buy 1.
Lastly if you are talking about purchasing power , you are supposed to pair it 1 naira to 1 dollar and not 1 dollars 480 naira .
Think about this your analysis again.
the minimum annual wages in the USA is 35,000-40,000$ the minimum annual wages in nigeria is 360,000-400,000naira.
God keep you safe. I respect you alot and your post are amazing. You, Explorer and macsgeb are the best on this forum. Nwamaikape I miss that dude too. Wait what? The name correct sho? 