Not all that glitters is Gold: Naira Vs. Dollar, Which Is Stronger? I Take Naira – See why

PPP = Purchasing power parities (PPPs) are the rates of currency conversion that try to equalise the purchasing power of different currencies, by eliminating the differences in price levels between countries.

This means that goods in each country will cost the same once the currencies have been exchanged. For example, if the price of fuel in the U.S per litre was $1, and it was ₦740 in Nigeria, then the USD/NGN exchange rate should be 750 (the US price divided by the UK’s) according to the PPP theory.

Nigeria has a higher purchasing power than the U.S.A
See the reason bellow.

Destiny Young wrote: If you think Nigeria ₦740 Naira is useless just because it is equivalent to $1 please read to end

I came across people making a mockery of the Naira vs the dollar in the last 48 hours and I have been laughing and pitying them since! Is the currency exchange rate a yardstick for the basic cost of living comparison? I am not happy that our Naira is depreciating always but hey….it is not that bad and this is why

1. ₦740 can buy me 2 square meals in Nigeria but $1 can’t buy you a meal in the US.
2. ₦740 can buy me 1.6GB worth of data in Nigeria but $1 can’t buy you 250MB of data in the US. T-Mobile charges N32,500 for 30GB of data, AT&T charges N37,500 for 30GB of data, and Verizon also charges ₦40,000 for the same 30GB of data in the US. Glo charges me N10,000 for 50GB and MTN charges me N10,000 for 40GB of data.
3. A 75cl bottle of water in Nigeria cost an average ₦100, a 55cl bottle water in the US is $1.45 which is ₦1125.
4. The most expensive place to live in Abuja is Aso Drive, a single room cost N600,000 per month, and the same room goes for ₦450,000 in Lekki all in Nigeria. The same room in Manhattan, New York City goes for ₦2.4 million per month.
5. N740 can buy me a Dudu osun bathing soap and a Vaseline for the harmattan season, $1 can’t do the same in the US.
6. N740 can buy me almost 4 litres of fuel in Nigeria, $1 can only buy you LESS THAN 1 litre of fuel in the US.
7. It cost an average of ₦280 daily to earn a degree in Nigeria, it cost an average of N2,650 a day to earn the same in the US.
   Keep Insulting Yourself Thinking You Are Insulting Nigeria.
   The challenges we are facing will be over soon. The reason we overrate this Dollar over the Naira is due to a mindset – that everything foreign is superior even when we are capable of producing better local alternatives, thereby putting pressure on the Naira to be exchanged for the Dollar. If we change our consumption mentality to a productive mentality, Naira will gain strength and compete with major currencies.
   Olodumare bless Nigeria