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Nairaland Forum / Nairaland / General / Investment / $10,000 Or NGN 7,000,000 Which Would You Choose? (486 Views)
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$10,000 Or NGN 7,000,000 Which Would You Choose? by ultimatex(m): 11:35am On Nov 03, 2020 |
I have a question for you. You are to only pick one. If you are given $10,000 or NGN 7,000,000 to be fixed with no interest for a duration of 3 years. This means you cannot access any of the funds till October 01, 2023. Which would you pick? |
Re: $10,000 Or NGN 7,000,000 Which Would You Choose? by sonofElElyon: 11:44am On Nov 03, 2020 |
Obviously dollars because of the rate of inflation in Nigeria and likelihood of depreciation in naira value.. So what exactly are you selling? Out with it! ultimatex: |
Re: $10,000 Or NGN 7,000,000 Which Would You Choose? by Davash222(m): 11:51am On Nov 03, 2020 |
sonofElElyon:Can a dollar sell above N700 before 2023? 1 Like |
Re: $10,000 Or NGN 7,000,000 Which Would You Choose? by Xerxes2088: 11:52am On Nov 03, 2020 |
i'll take the #7,000,000 i don't see the naira falling as far as 700 naira to the dollar in 3 years |
Re: $10,000 Or NGN 7,000,000 Which Would You Choose? by sonofElElyon: 11:56am On Nov 03, 2020 |
Oh.. guess I didn't do the conversion.. just assumed you used current exchange rate.. Well.. hmmm.. Davash222: |
Re: $10,000 Or NGN 7,000,000 Which Would You Choose? by Davash222(m): 11:58am On Nov 03, 2020 |
sonofElElyon:So, why then are you choosing $10K over 7Million Naira? |
Re: $10,000 Or NGN 7,000,000 Which Would You Choose? by sonofElElyon: 11:59am On Nov 03, 2020 |
Oh.. guess I didn't do the conversion.. just assumed you used current exchange rate.. Well.. hmmm.. N7m seems a better choice.. Davash222: |
Re: $10,000 Or NGN 7,000,000 Which Would You Choose? by ultimatex(m): 12:18pm On Nov 03, 2020 |
Davash222: That is the big question. |
Re: $10,000 Or NGN 7,000,000 Which Would You Choose? by SavageResponse(m): 1:45pm On Nov 03, 2020 |
Xerxes2088: Don't be too sure about that |
Re: $10,000 Or NGN 7,000,000 Which Would You Choose? by SavageResponse(m): 1:55pm On Nov 03, 2020 |
ultimatex: Davash222: I would choose $10,000 over N7,000,000 in this scenario even if you ask me 1,000 times. Reasons US$ is a far better store of value especially if the funds will be fixed for such a long time The possibility of exchange rate falling to 1$ to N1,000 within the next 3 years is a reality. Why do you think there has suddenly being a spike in prices in Nigeria? Crude oil which is our main forex earner has dropped therefore manufactures are having a difficult time accessing forex with which to pay for imports of essential raw materials and machinery |
Re: $10,000 Or NGN 7,000,000 Which Would You Choose? by ultimatex(m): 11:56am On Nov 06, 2020 |
SavageResponse: You have a very interesting point here. |
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