Ikem11:


He made no sense at all.. He only see things in a naija way of reasoning.

There is no way any right thinking human will do such analysis the guy did. I came into your country with my 1currency and got your 480 currency and that doesn't tell u anything?

I understand and totally get your view.
I had also acknowledged your view point in my writing where I said the naira was dropping everyday.

Kenn55:


Chai
Illiteracy is a disease

You can spit whatever you like from your mouth; I don't care.

igbosoupkitchen:


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.

chei
If to say moni de i for just propose nananana

deepwater:


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

are you doing the same work with the American?

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Buhari is doing well

Some people need to sit down with someone that understands where they are lacking when it comes to patriotism. A genuine patriot is one that wouldn't hide behind a needle when a country is being cut down by Idi Amin(s) of Nigeria.

Someone said you have to consider your earning power before you talk of your purchasing power - that is very sound and correct

Another person said the value of your Naira is only good for those coming with superior currencies - that is correct.

Why are Nigerians dispersed to many of these francophone countries? Because life is comparatively better in those places with their earning and purchasing power. We have more resources than those countries. Our population is also a great advantage but poverty is more killing here, no thank to destructive cattlemen in a rock and their footsoldiers stealing, killing, kidnapping and grazing their animals everywhere they go. They destroy farms, induce desertification and mortify the quality of our soil. All that wickedness is not yet enough, they also want to take away our land and reduce us to their servants on our fathers' land. God forbid!

When the process of decay is ongoing in a plantain, some people would still see it as only ripening up. In the past, 1,000 francs (CFA) which is not supposed to be more than 1,000 Kobo (N10.00) was even at a time N2.00; it then moved up to N2.50, and never stopped until we got to where we are now. Yet some people would still say, we are better economically. For me, Nigeria should be our concern rather than embarking on illiterate comparison that can't dismiss the obvious.

Funminded:


I understand and totally get your view.
I had also acknowledged your view point in my writing where I said the naira was dropping everyday.

Good.. Thanks for understanding

igbosoupkitchen:



Yes, I am talking about purchasing power and noone pairs 1 dollar to 1 naira, else we wont be having this conversation.

Read your analysis again..

Tell Him.... Imagine some one pairing 1 dollar to #480... Can #1 buy him a Coffee as mention by him... Sometimes let's keep analysis straight

Sammyblaq:

God bless you.

Naira is valueless.
With a whole N1,000, one cannot procure a phone charger.

This is False please

Nice thread

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.


https://www.travelwaka.com/understanding-the-republic-of-benin-currency-the-cefa/



https://www.youtube.com/watch?v=4rwkdRO8hp8

Aboki with fake moniker,you are misinforming the public
Can you just compare 1 naira to 1 dollars
There purchasing power

igbosoupkitchen:


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.

deepwater:


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

You are calling those meals substandard and many people have eaten those you may refer as super standard and have suffered from food poisoning.......

If you say one will lose with the naira........is that why many of those who claim to live overseas having dollars to come spend in Nigeria even when the exchange rate favours them they still cry more than those residing within.....I guess e get why

thebosstrevor1:


I disagree with your points

You forgot to add differences in standard of living.

500 naira will get you a standard hair cut will 500 naira get you standard hair cut in the United states?

How about labour cost.

Iabour is expensive in the United states, labour is cheaper here in Nigeria. A country where labour is expensive, expect higher pay to meet up with the high cost of goods and services.

Food

500 naira will get you an healthy and organic meal here in Nigeria, will 10 dollars get you an healthy meal in the United states

Thank you jhor! When he said #500 cannot get someone a healthy meal, I was shocked. I don't understand what some people call healthy meal. With 500naira, I can still eat rice, vegetable and fish or meat. I can still eat beans, plantain, fish and bread, I can still buy fruits of various types in the market if we to be truthful to ourselves. So in Nigeria, you can still eat a healthy meal with 500naira. It's just for you to be able to combine food ingredients in the right proportion.

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.

please oga mi should I be the one to diversify from oil ! Because you said we

The problem is most people do not travel and when you make post like this, they are already thinking you are criticizing the president. This is not a political discussion LOL

obi4eze:


1000000000000 likes. You killed it sir. Was already frowning at his analysis but became happy when I saw yours.

babyfaceafrica:
This is False please

.

Why the dispute?.

You want buy charger wey go spoil your phone¿.

Remember Sachet water = N20.

"When the price of water and salt goes high... "

His analysis is just so wrong in every angle. So if 1 naira was 1 dollar and all of a sudden 1 dollar is now 200 naira and you can buy more stuffs with 200 naira as compared to the 1 dollar , does that mean the currency is doing great?

He didn't put other factors in place

neurosci:


I read his analysis and just shook my head. He's talking about purchasing power without considering wages and cost of living. A crate of egg can cost like $2 in the US or a bottle of coke $1, whereas the minimum wage in a state like California is close to $15. That means a California resident can easily afford 15 crates of eggs daily by working only 2 hours. Is the same possible in Nigeria?

Sammyblaq:
.

Why the dispute?.

You want buy charger wey go spoil your phone¿.

Remember Sachet water = N20.

"When the price of water and salt goes high... "

sachet water is 10 naira, three for 20 naira
..

Sammyblaq:
.

Why the dispute?.

You want buy charger wey go spoil your phone¿.

Remember Sachet water = N20.

"When the price of water and salt goes high... "

the charger I bought since September is 800 naira and my phone never spoil.. Don't underrate cheap goods

Chinks:
Thank you jhor! When he said #500 cannot get someone a healthy meal, I was shocked. I don't understand what some people call healthy meal. With 500naira, I can still eat rice, vegetable and fish or meat. I can still eat beans, plantain, fish and bread, I can still buy fruits of various types in the market if we to be truthful to ourselves. So in Nigeria, you can still eat a healthy meal with 500naira. It's just for you to be able to combine food ingredients in the right proportion.

some people just argue blindly,.. Even 300naira will get you balanced diet..

travelwaka:
The problem is most people do not travel and when you make post like this, they are already thinking you are criticizing the president. This is not a political discussion LOL

Exactly my brother. For them, it's always about politics even when the stark reality stares us in the face. Notice that strong economies are based on production, technology and exporting when they produce domestically usually like to devalue their currencies when it rises in the forex market.

Cromagnon:
are you doing the same work with the American?

Thank you for asking.

People just carry figures all over the place.

Comparing minimum wage of america and Nigeria. When they have different labour cost and stand of living.

Comparing 2000 usd vs 63 usd and then use it as a form of argument

The United states have a high labour cost and high standards of living, so expect more pay.

Poverty level is from 10k usd per year to 30k in the United states.

Poverty level is around 200k naira to 500k per year in Nigeria.

Different country, different systems, different standards of living.

travelwaka:
The problem is most people do not travel and when you make post like this, they are already thinking you are criticizing the president. This is not a political discussion LOL

You miss a very important point, it is not about traveling. It is about cost of living in a particular country.

500 naira is 1 dollars, it will get you lot of cheap things in Nigeria, the question is will 1 dollars buy you anything in the United states.

Things are generally more expensive in developed countries when compared with developing countries and to feel in the gap, employers in developed countries increase wages to meet up with the reality of cost of living.

One of the reasons you can't compare 1 dollars to 1 naira is because they are not of equal value.

You can't even compare 2 pounds to 2 dollars, they are not of equal value

deepwater:


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

The cost of living in the United States is very high which makes a minimum wage earner in the US not any better than a minimum wage earner in Nigeria.

A decent apartment in Memphis is around 500-550 dollars. Only last year, the National Low Income Housing Coalition once claimed that it was impossible for any Americans earning the minimum wage to rent a two-bedroom apartment in any counties.

A minimum wage earner in America may be able to afford a lot of things only in Nigeria. In the US, they are just barely surviving like the Nigerians who earn the minimum wage in Nigeria.

So, it is not just about placing these currencies side by side. It is by looking at their purchasing powers as against the realities in both countries.

BluntTheApostle:


The cost of living in the United States is very high which makes a minimum wage earner in the US not any better than a minimum wage earner in Nigeria.

A decent apartment in Memphis is around 500-550 dollars. Only last year, the National Low Income Housing Coalition once claimed that it was impossible for any Americans earning the minimum wage to rent a two-bedroom apartment in any counties.

A minimum wage earner in America may be able to afford a lot of things only in Nigeria. In the US, they are just barely surviving like the Nigerians who earn the minimum wage in Nigeria.

So, it is not just about placing these currencies side by side. It is by looking at their purchasing powers as against the realities in both countries.

I love your analysis

igbosoupkitchen:


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.

What is our foreign reserve? Is it denominated in naira? You are mad for this foolish post. A perfume of 50 usd was sold for 9 to 12k some few years back now same perfume is sold for over 20k and you typing rubbish with a cup of tea....Stupid analogy

deepwater:


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

well, the guy above yo said the truth. it is not about the value of the currency but the cost of living. maybe you should ask people over there how they spend that $2,000. If they even have anything left after expenses. now, most of you talk about minimum wage as if it is what you are paid. FYI, over 70% of those that do something for a living in Nigeria earn far above #50,000 per month. Even those that collect the 30K/month have side hustle. You see a gate man in the Ministry owning house and driving big cars. Nigeria has its own perculiar way of Sharing wealth.

babyfaceafrica:
some people just argue blindly,.. Even 300naira will get you balanced diet..

Maybe in your village but definitely not in Lagos.

Also don't think you know the meaning of 'balanced dirt'.

ecomalchemist:


Maybe in your village but definitely not in Lagos.

Also don't think you know the meaning of 'balanced dirt'.

balanced diet? No!!.. Lagos is not the only state in Nigeria

babyfaceafrica:
balanced diet? No!!.. Lagos is not the only state in Nigeria

Even in lagos, you can get a full loaf of bread for 300 naira