rusher14:


Refresh your brain.

What was the exchange rate in 1983?

Since you decided to not to use your eye and also abandon your brain in the bin outside your house, let me enlighten you a little bit.

You see in 1983, Nigeria was using naira and not pounds. But am sure you didn't know that, no problem.
But if you look at the top side, you will see Ogun state college of education, which means the receipt was issued in Nigeria.

But am sure you didn't see that too. But the amount written in words there shows the currency to be naira. But am sure your brain couldn't process that too.

Then coming to your question of exchange rate in 1983, as you can see it's been answered already so am to advice you to also change your brain while you're also looking for new glasses

Babalegba:
Nope,the economy nosedived before buhari came and Shagari chased away the Ghanaians thinking that there would be positive effect on the economy like more jobs etc, but it did not work.The politicians ran the economy to the ground then buhari took over.For some reason buhari is always there to steer Nigeria through difficult times

Lol..Buhari that made us go through our first and second recession..Isnt it?The Man that have always caused our superhyper Inflation in his stint as a Military and as a Civilian?The Man that does nothing except to blame..He blamed Shagari in 83 and also blamed PDP throughout his first term..The Man that took 6months to appoint Ministers..Habaaaa..Sorry I no know before say na Buharist I dey follow talk

Not much has changed. I was thinking perhaps it should have been sold for 50-70 naira.

and no body noticed the name of the seller on the reciept:

NIGERIAN SEWING MACHINE MANUFACTURING CO.



where are all these companies now? no where to be found!

Buhari killed all these companies with recession and hyperinflation when he came to power in 1983!


NIGERIAN TEXTILE COMPANIES

PEUGEOT AUTOMOBILE NIGERIA

VOLKSWAGEN MANUFACTURING NIGERIA

ANAMBRA MOTOR MANUFACTURING COMPANY NIGERIA (ANAMCO)

NITECO NIGERIA

OKIN BISCUIT MANUFATURING NIGERIA

MICHELLIN TYRES NIGERIA

AP OIL NIGERIA

LEYLAND NIGERIA

ASCON NIGERIA

AND MANY MORE! ALL KILLED AND BURRIED BY BUHARI-DEAD ECONOMY IN 1983!


God dey!

Time value of money changed [color=#000099][/color]

happney65:


Lol..Buhari that made us go through our first and second recession..Isnt it?The Man that has always causes our superhyper Inflation in his stint as a Military and as a Civilian?The Man that does nothing except to blame..He blamed Shagari in 83 and also blamed PDP throughout his first term..The Man that took 6months to appoint Ministers..Habaaaa..Sorry I no know before say na Buharist I dey follow talk

Maybe you should learn about how economics work before you formulate opinions on culpability in recessions and inflation. I'm quite tired of Nigerians who claim to be educated making wild blanket statements and apportioning blames to the wrong individuals. Nigerians are too dumb for my liking.Many fail to reconcile reality on the ground with their education., at least the illiterate can claim ignorance but to be schooled and still be claiming buhari caused the recession is extremely stupid. If some Nigerians are any more stupid they would need a watering can.Buhari failed security wise but he is a pair of safe hands in turbulent times.

obiekunie1:
and no body noticed the name of the seller on the reciept:

NIGERIAN SEWING MACHINE MANUFACTURING CO.



where are all these companies now? no where to be found!

Buhari killed all these companies with recession and hyperinflation when he came to power in 1983!


NIGERIAN TEXTILE COMPANIES

PEUGEOT AUTOMOBILE NIGERIA

VOLKSWAGEN MANUFACTURING NIGERIA

ANAMBRA MOTOR MANUFACTURING COMPANY NIGERIA (ANAMCO)

NITECO NIGERIA

OKIN BISCUIT MANUFATURING NIGERIA

MICHELLIN TYRES NIGERIA

AP OIL NIGERIA

LEYLAND NIGERIA

ASCON NIGERIA

AND MANY MORE! ALL KILLED AND BURRIED BY BUHARI-DEAD ECONOMY IN 1983!


God dey!

It's an endless list of the number of companies that went under soon as that disaster of an incompetent Daura bigot,sat his Daura as s on the throne in 1983,and again now.
Imagine a sewing machine,tyre assembly or manufacturing company,vehicle assembly plants as far as 1983 and what those companies would have been doing today.
Anytime I just remember that some people still voted Buhari in 2019 despite first hand experience of his rule,tears involuntarily just start dropping from my eyes.

eghuan1:




Since you decided to not to use your eye and also abandon your brain in the bin outside your house, let me enlighten you a little bit.

You see in 1983, Nigeria was using naira and not pounds. But am sure you didn't know that, no problem.
But if you look at the top side, you will see Ogun state college of education, which means the receipt was issued in Nigeria.

But am sure you didn't see that too. But the amount written in words there shows the currency to be naira. But am sure your brain couldn't process that too.

Then coming to your question of exchange rate in 1983, as you can see it's been answered already so am to advice you to also change your brain while you're also looking for new glasses

I've told you to refresh your brain.

I did a quick calculation on the true worth of the machine by today's computation.

The 250 Naira you speak of is about 100k today.

Try to keep up.

You are not a kid.

doctokwus:

It's an endless list of the number of companies that went under soon as that disaster of an incompetent Daura bigot,sat his Daura as s on the throne in 1983,and again now.
Imagine a sewing machine,tyre assembly or manufacturing company,vehicle assembly plants as far as 1983 and what those companies would have been doing today.
Anytime I just remember that some people still voted Buhari in 2019 despite first hand experience of his rule,tears involuntarily just start dropping from my eyes.

Don't be a dumbo.

All those companies existed even up to1988.

Do your research.

obiekunie1:
and no body noticed the name of the seller on the reciept:

NIGERIAN SEWING MACHINE MANUFACTURING CO.



where are all these companies now? no where to be found!

Buhari killed all these companies with recession and hyperinflation when he came to power in 1983!


NIGERIAN TEXTILE COMPANIES

PEUGEOT AUTOMOBILE NIGERIA

VOLKSWAGEN MANUFACTURING NIGERIA

ANAMBRA MOTOR MANUFACTURING COMPANY NIGERIA (ANAMCO)

NITECO NIGERIA

OKIN BISCUIT MANUFATURING NIGERIA

MICHELLIN TYRES NIGERIA

AP OIL NIGERIA

LEYLAND NIGERIA

ASCON NIGERIA

AND MANY MORE! ALL KILLED AND BURRIED BY BUHARI-DEAD ECONOMY IN 1983!


God dey!

You must be a kid for you to believe the list you just produced.

doctokwus:

It's an endless list of the number of companies that went under soon as that disaster of an incompetent Daura bigot,sat his Daura as s on the throne in 1983,and again now.
Imagine a sewing machine,tyre assembly or manufacturing company,vehicle assembly plants as far as 1983 and what those companies would have been doing today.
Anytime I just remember that some people still voted Buhari in 2019 despite first hand experience of his rule,tears involuntarily just start dropping from my eyes.

the fact that this locust from daura that destroys anything it lands on, still garner up to 100k votes in 2019 made me lost all hope in this contraption called Nigeria!



AFTER FOUR MORE YEARS OF THIS EVIL VIRUS FROM DAURA, IT WILL TAKE THIS COUNTRY 30 YEARS TO GET BACK ON THE TRACK - THAT IS IF HE DIDN'T HANDOVER TO HIS DESTRUCTIVE GOD-SON ELRUFAI! THAT ONE WILL BREAK THE COUNTRY TO PIECES!

Cue4rm:
That was Buhari destroyed our currency.
That guy is a failure by default.

Did you know or remember that it was this same Buhari that was also in power as at that date written in the receipt?��

Bleep:
Buhari your fada!!!

Guy you too funny oooo

Things Has Really Changed, And See That Machine Of #200 Will Be More Quality Than That Of NowDays 48K.

Wow!
.. I remember the 2kobo stamp!!
Truly, Nigeria has seen better days!!!

Cue4rm:
That was b4 Buhari destroyed our currency.
That guy is a failure by default.

. Lol buhari didn't destroy ur currency Johnathan did by failing to save. When we had plenty.

bigsmoke2:
. Lol buhari didn't destroy ur currency Johnathan did by failing to save. When we had plenty.

You are not mature enough for this talk

ariketalks:
I was in the sitting room with my sisters today when my mom came in with this oil-stained papers. Well apparently, they're the receipts of a Sewing Machine she bought over three decades ago, (1983) to be specific.
In case anyone is wondering what brand of Sewing machine it is, it's Singer and the machine is alive, in good condition and functioning perfectly up till this day.

How much does a standard sewing machine cost today?

It will never be well with
Buhari
Obasanjo
Babangida
Abacha
Obasanjo
Goodluck Jonathan and
Still, Buhari
Wicked senile shameless bastards

obiekunie1:
and no body noticed the name of the seller on the reciept:

NIGERIAN SEWING MACHINE MANUFACTURING CO.



where are all these companies now? no where to be found!

Buhari killed all these companies with recession and hyperinflation when he came to power in 1983!


NIGERIAN TEXTILE COMPANIES

PEUGEOT AUTOMOBILE NIGERIA

VOLKSWAGEN MANUFACTURING NIGERIA

ANAMBRA MOTOR MANUFACTURING COMPANY NIGERIA (ANAMCO)

NITECO NIGERIA

OKIN BISCUIT MANUFATURING NIGERIA

MICHELLIN TYRES NIGERIA

AP OIL NIGERIA

LEYLAND NIGERIA

ASCON NIGERIA

AND MANY MORE! ALL KILLED AND BURRIED BY BUHARI-DEAD ECONOMY IN 1983!


God dey!

So all these companies folded up between 1983 and 1985 when buhari was in power then?

victvames:
Thought it'd be like #2.50k

Your mumu don overripe

Can 2.5 dollars buy a sewing machine.?

Babalegba:
Things were already getting bad by 1983 when the machine was purchased. Two years earlier the same machine would have cost about 150 naira.Nigerian economy nosedived in 1983 which prompted the military to take over as the civilian government were mismanaging things

Abeg make we hear word. Oil prices crashed in 1982, and we entered a recession. The military took advantage of popular discontent and seized power. Finish. Back then the generals were extremely greedy and undisciplined, and used any excuse to seize power in a coup.

rusher14:
That's 250 pounds.

Over 100k.

Cant you read? Pounds in 1983? Haba

mykaelmykael:

Cant you read? Pounds in 1983? Haba

Can't you comprehend?

Gosh, many of you are so slow.

OkaNaUbe:
Then, I don de swallow fufu.

Let us see how bad our Naira has depreciated.

Computing the dollar equivalent of N246 in 1983

In 1983, $1=0.724NGN
Therefore $? =246NGN for sewing machine

Cross multiplying

N246 X 1$/ 0.724 = $339.77
is the price in USD of the machine in 1983.

Fast forward to 2019>>>>>>>>>>>>>>>>>>>>>>>

As at today, 2/02/2019, 1$ = 361.50 (official)

Converting the dollar equivalent of the price of the sewing machine in 1983 to today's value in Naira:

Since 1$ today = N361.50
Price of Sewing machine in 1983(in $) = $339.77

1$ =N 361.50
339.77$ = ?N

Cross multiplying

= N361.50 x N339.77/1 = N122,826.86 (value today)


Therefore, the price of that Sewing machine in 1983 can buy about 4 Butterfly brand sewing machines in 2019.



Our successive governments have killed Nigeria.

You too know book. Efiko!

na today i really understand Nigeria economy. thanks you OP.

obiekunie1:
and no body noticed the name of the seller on the reciept:

NIGERIAN SEWING MACHINE MANUFACTURING CO.



where are all these companies now? no where to be found!

Buhari killed all these companies with recession and hyperinflation when he came to power in 1983!


NIGERIAN TEXTILE COMPANIES

PEUGEOT AUTOMOBILE NIGERIA

VOLKSWAGEN MANUFACTURING NIGERIA

ANAMBRA MOTOR MANUFACTURING COMPANY NIGERIA (ANAMCO)

NITECO NIGERIA

OKIN BISCUIT MANUFATURING NIGERIA

MICHELLIN TYRES NIGERIA

AP OIL NIGERIA

LEYLAND NIGERIA

ASCON NIGERIA

AND MANY MORE! ALL KILLED AND BURRIED BY BUHARI-DEAD ECONOMY IN 1983!


God dey!

1.Our economy was already in free fall by December 83/when Bubu took over, and yes, he committed treason by doing so.


2..Most Nigerian textile companies were.still working under Buhari and beyond.It was in the 1990s that many of them died due to globalization, and cheap imports.

3.PAN, VoN, ANNAMCO, were still working as at 1990, Leyland and Steyr had collapsed.
Bubu even kept the car industry running via import substitution..

Failure to complete Ajaokuta, plus rising import costs, and so on killed the car industry

4.Michelin did not close until the 1990s. It was still healthy under Buhari

5.Okin biscuits was very healthy right up to the end of the 1990s. I know because growing up my family was close to.someone who did wholesale of the biscuits for the company.. Even after 2000, okin was still there..

6.AP is still there. AP came thorough Bubu reign intact.It still exists as Forte Oil.


Don't know about NITECO or ASCoN.

Stop lying. I thought APC had the monopoly on lies

Even now bread is 250 is Agege....the economy is dead

A sewing machine is just what I need. Empower me. Buy one for me.

Chi59:
A sewing machine is just what I need.
Empower me. Buy one for me.

Check family section. You just might be lucky.

happney65:


The Economy nosedived when Buhari took over power and Inflation flew through the roof..

Babalegba is correct.

Wahala started in 1981 when the price of oil crashed from $40 to perhaps $30. Awolowo warned Shagari to take pre-emptive action but he snobbed Awolowo. By 1982, dollar shortages began and companies started closing here and there and massive job losses mounted. A very severe recession had started.

My 1983, crime rate was rising fast and armed robberies were high. We were even robbed that year even though I was very young. Prior to that, there were hardly any armed robberies. Hired killers were unheard of.

To worsen things, the NPN were so corrupt that they didn't care about the state of the economy. They just kept looting.

All that was needed then was for government to float the Naira and all that horror would have been avoided.

Buhari now overthrew the NPN and introduced command economics. There were price control on goods and also essential commodities. This just made a bad matter worse.

IBB overthrew him in 1985 and the following year started liberalising the economy.

guy, why u dey lie, i live in agege, agege bread is 100 naira, 150 at worse

handrubaba:
Even now bread is 250 is Agege....the economy is dead