Lady Based in America in Doubt After Realising That $1000 is N1.6 Million in Present Exchange Rate
- A lady who resides in America was left in shock and disbelief after she realised how much $1000 would yield in naira
- The lady said she was about to send money to a relative living in Nigeria, and she decided to check how much it would be
- She said she was shocked that $1000 would yield nothing less than N1.6 million if she sent it to the relative
An American-based lady shared her views about the present exchange rate of the naira and the US dollar.
In a video she posted on TikTok, the lady said one of her relatives called her and asked for some money.
Source: UGC
In her video, Ryan Azeh said the relative wanted to rent a studio apartment which would cost up to N2.1 million.
Ryan Azeh told the relative to scale down and get a more affordable apartment, but her nephew insisted he wanted that one and that he just needed $1000 from her.
Her nephew said $1000 would give him up to N1.6 million, and Ryan was shocked.
That was when Ryan decided to check the exchange rate between the US dollar and the naira.
She found out that her nephew was right, noting that $1000 would be up to at least N1.5 million, according to Google.
Source: UGC
"He said it was just to be like $1500. He said the conversion rate now is N1650. N1650 for $1? Are you people telling me that with $1000, I will have N1.6 million? And I had to Google it. Google was even generous. Google said $1 is N1535. I would say “God help us” but the problem is not spiritual!"
Ryan, who is from Cameroon, said she cried when $1 hit 580CFA.
Her words:
"I cried when it hit 580 in Cameroon. I was depressed at 600, then I heard this 1650 naira and I said you know what, things CAN ALWAYS BE WORSE!"
Watch the video below:
Reactions to naira and dollar exchange rate
@SoftLandin said:
"Girl 10 years ago, it was 1 to 250 naira."
@flawlesskinug said:
"2.6million naira in Uganda is 6.5 million Ugandan shillings. I think Africans are all just going through it."
john said:
"All African currencies are in the mud. Kwacha was at 750/$ in 2018 right now its 4,000 on the black market."
@omowarer said:
"What decides a country's economic health and standard of living is the GDP PER CAPITA. A state in Nigeria could have more Dollar millionaires than the whole of Cameroon."
@user1771374579641 said:
"The stability of the CFA is not by the power Cameroon rather by France as the currency is pegged against the euro at a fixed rate. France controls the money supply to the CFA region."
9jafoodie by Ronke Edoho said:
"The problem with conversion is that we don’t think about the buying power of the currency. 1.5 million naira would rent an apartment for a year in nigeria. What does that cover for rent in the states?"
Ryan replied:
"The point is, that’s too much for rent in a country where the average person earns $200/month (N320k)."
Effects of high naira dollar exchange rate on human lives
The high exchange rate of the dollar to naira has affected not just the Nigerian economy but also cost of living as people struggle, Bloomberg notes.
Reuters reports that as of November 2024, inflation jumped to 34.60%, surpassing what it was the month before. As a result, personal savings have also lost their value.
Nigerian man gets job that pays him in dollars
In a related story, Legit.ng reported that a Nigerian man started making money in dollars and on an hourly basis because of the type of job he got.
In a post, the man said he got a job to work as an email marketing and CRM specialist, noting that his year started on a good note.
The man said he is going to be earning $15 (N23,000) per hour, saying he was enmeshed in debt before getting the job.
Joseph Omotayo, the HoD of the Human Interest Desk, contributed to this article, adding the effects of a high dollar-naira exchange rate on human lives.
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Proofreading by Nkem Ikeke, copy editor at Legit.ng.
Source: Legit.ng
Israel Usulor (Human-Interest editor) Israel Usulor is a journalist who has 10 years of experience. He worked at The Prime Newspaper and has published articles in TheCable Newspaper. Israel graduated with distinction from Fidei Polytechnic (Mass Commun, 2016). Israel has interviewed Zannah Mustapha, the man who helped negotiate the release of Chibok Girls, and Kunle Adeyanju, who rode a bike from London to Lagos. He covered exclusive stories on Chef Dami during her Guinness World Records cookathon. Email: israel.usulor@corp.legit.ng.
Nkem Ikeke (Copy editor) Nkem Ikeke is currently a copy editor who also writes for the politics and current affairs desk on weekends. She holds a Bachelor of Arts in Mass Communication degree from the University of Nigeria, Nsukka (2010), and has over 10 years of work experience in the media industry (Reporter, News Agency of Nigeria). Email: n.ikeke@corp.legit.ng
