ositadima1:
Regarding the yen vs usd comparison, I think that exchange rate alone does not measure wellbeing of the economy.

You also need to factor average earnings of the citizens of that country. A cleaner in Japan can buy a new Toyota sedan after saving seriously for 3 to 4 years, same in the USA.

A cleaner in Nigeria cant do that in the next 15 years.

GonFreecss1:


We are not even talking about the economy. Lol.

Just the “currency”. Currency is not just the value relative to another currency. The actual amount in circulation matters a lot. Just like how shares outstanding matters for stock.


Never have I heard someone say “Nestle” has more value or is more expensive than “Dangote Cement” because of it’s price. And say “Nominal price”. Who actually does that?
Can it exchange for more? Yes! But that’s just about it.

GonFreecss1:


We are not even talking about the economy. Lol.

Just the “currency”. Currency is not just the value relative to another currency. The actual amount in circulation matters a lot. Just like how shares outstanding matters for stock.

Never have I heard someone say “Nestle” has more value or is more expensive than “Dangote Cement” because of it’s price. And say “Nominal price”. Who actually does that?

Can it exchange for more? Yes! But that’s just about it.

SirBen90:
Now that we have all aired our views on currency, Ghana vs Nigeria, and whatnot , let's move on please. Taink You.

DexterousOne:



All the banter happened because some were triggered that I would rather invest in Ghana than Nigeria if given tbe choice


In their mind
How can he say that?

Na I'm cause talk o

Sholapey:
I bought a plot of land in an estate at magboro for 4m naira then €20000. I sold it in 2017 for 5m naira, in naira I gained 1m but lost about €6000. Since then I learnt never to convert my foreign currency to naira again. I only invest naira ROI in Nigeria and my foreign income in foreign investment.

Theconglomerate:
I wanted to say this.
No one can access their dorm accounts now.No bank will pay you dollars now.
I'm sure if you request for the money to be converted to naira,they'll pay you immediately.
Reason I always advise against this.Dorm account is useless in times like this.
Better get offshore aza jejely.

ositadima1:
An interesting way to estimate true exchange rate. Take for example samsung galaxy s10 plus, this phone should have the same functionality anywhere and so same value irrespective of location right?

It costs about $600 on Amazon and #315,000 on Jumia. If I divide 315,000 by 600 I get about 525. If I am to neglect transportation cost differences I can say that $1 is worth about #525.

Anyway, The Economist did same with McDonald's burgers which they called Big Mac Index.

https://en.m.wikipedia.org/wiki/Big_Mac_Index

tumababa:


Which kin false information be dis

Onboard1:


Give us the accurate information pls

topsquino:


You can access money from your Dom account. I withdrew more than $10,000 from GTB 2 days ago

Let's put this debate to rest abeg.

topsquino:


You can access money from your Dom account. I withdrew more than $10,000 from GTB 2 days ago

Let's put this debate to rest abeg.

oyedav:
Boss!!! Show me love abeg. Any amount go do.
2105796125 UBA ��.

emmanuelewumi:
You guys should be careful of the type of information you share here. The guy I quoted there is a professional beggar on Nairaland.

The funniest thing is that these beggars are very active on the betting and forex threads

Slow and steady is the way to building a sustainable wealth

ositadima1:
An interesting way to estimate true exchange rate. Take for example samsung galaxy s10 plus, this phone should have the same functionality anywhere and so same value irrespective of location right?

It costs about $600 on Amazon and #315,000 on Jumia. If I divide 315,000 by 600 I get about 525. If I am to neglect transportation cost differences I can say that $1 is worth about #525.

Anyway, The Economist did same with McDonald's burgers which they called Big Mac Index.

https://en.m.wikipedia.org/wiki/Big_Mac_Index

emmanuelewumi:
You guys should be careful of the type of information you share here. The guy I quoted there is a professional beggar on Nairaland.

The funniest thing is that these beggars are very active on the betting and forex threads

Slow and steady is the way to building a sustainable wealth

MrMcJay:


So sorry to hear of your dad's experience.

@ the bolded, to get legit land in Lagos, you need:

A realistic budget,

Avoid payment by instalments,

Physically visit the land,

Get a registered Surveyor to pick up the physical coordinates of the land and chart it to be sure it doesn't fall under government acquisition,

Get a Property lawyer to undertake verification of the land,

Verification is not only at Alausa or of only documents, verify the sellers to be sure they aren't impostors and they have the right to sell,

Speak to people living near the land. The information that vulcanizer or fruit seller near the property would give you can save you from losing millions. Ask them.

Let your lawyer prepare your documents and at the point of payment, the sellers must sign. No stories.

Immediately you pay, start building your fence. If possible, pay like 60% of the cost of the land and once fencing is done, pay up the balance of 40%.

Once the transaction is done and you've received your documentation, try to perfect your title at the Lands Registry.

ositadima1:
An interesting way to estimate true exchange rate. Take for example samsung galaxy s10 plus, this phone should have the same functionality anywhere and so same value irrespective of location right?

It costs about $600 on Amazon and #315,000 on Jumia. If I divide 315,000 by 600 I get about 525. If I am to neglect transportation cost differences I can say that $1 is worth about #525.

Anyway, The Economist did same with McDonald's burgers which they called Big Mac Index.

https://en.m.wikipedia.org/wiki/Big_Mac_Index

emmanuelewumi:



Please send a private message to him, he will get across to you if need be.

We don't encourage begging on this thread.

Olaide1295:


So I have been thinking about this. I found a fault in it which is that you used an imported item. The price in Naira is already based in the fallacious exchange rates.

I think a good test will be to compare price of a bag of rice or any other commodity consumed in both countries

AdaoraNK:


Make me understand why you used $600 as the basis of knowing the true worth of naira to USD using Amazon and Jumia pricing as a case study.

ositadima1:
An interesting way to estimate true exchange rate. Take for example samsung galaxy s10 plus, this phone should have the same functionality anywhere and so same value irrespective of location right?

It costs about $600 on Amazon and #315,000 on Jumia. If I divide 315,000 by 600 I get about 525. If I am to neglect transportation cost differences I can say that $1 is worth about #525.

Anyway, The Economist did same with McDonald's burgers which they called Big Mac Index.

https://en.m.wikipedia.org/wiki/Big_Mac_Index

AdaoraNK:


Make me understand why you used $600 as the basis of knowing the true worth of naira to USD using Amazon and Jumia pricing as a case study.

ositadima1:


You are right to some extent. But, Samsung is owned by south Korea, the phone is made outside the usa. So, both USA and Nigeria are importing the same phone from same manufacturer, except Jumia sourced the phone from the usa which I doubt. I don't know, but if it was just fallacious exchange rate then it should be #420 × $600 = #252000 , again assuming both retailers sourced from same source and roughly gained same profits.

Anyway, the link explained it in more detail.

Nwokeomajayb:
I left computer village and I’m in a better position to tell you that you’re wrong with this analysis. We do buy from China and Hong Kong. We peg our prices according to the expenditure and demand. I’ve sold a phone with 40k profit even more than that. I’m talking about real deal because slot and Jumia do buy from us. Don’t mention that naira overvalued again please because it’s not true.

ositadima1:


I checked Jumia again and it appears that the least price was #290000. #290000/$600 = 483

Ok, you are correct, their is a lot to consider. Maybe, price in a Samsung direct outlet in Nigeria should give a better comparison.

Mind you, I didn't come up with the concept, I am not that clever , if you go through the article you will also see a similar comparisons made by an Australian bank with ipods which they called Ipod Index.

ositadima1:
An interesting way to estimate true exchange rate. Take for example samsung galaxy s10 plus, this phone should have the same functionality anywhere and so same value irrespective of location right?

It costs about $600 on Amazon and #315,000 on Jumia. If I divide 315,000 by 600 I get about 525. If I am to neglect transportation cost differences I can say that $1 is worth about #525.

Anyway, The Economist did same with McDonald's burgers which they called Big Mac Index.

https://en.m.wikipedia.org/wiki/Big_Mac_Index