Published via Ecency

A friend of mine returned from Ghana a few days ago, and he came to pay me a visit, saying he wanted to buy a plot of land and start building a home for his family which i salute him for such plan

I asked him, "How were you able to cope with Nigerian exchange rate issues?"

One thing he emphasized was the Nigerian exchange rate to Ghana cedi.

According to him,

the current Nigerian exchange rate to the Ghana cedi has given him the opportunity to do what he couldn't afford before.

He has been living in Ghana for the past seven years, but this time around, because of the exchange rate, he was able to maximize the difference between the Nigerian naira and the Ghana cedi. He noted that the lower volatility in the Nigerian currency made it possible for him to achieve his goals.

Now, I started wondering, "How far can 100 Ghana cedis take me in Nigeria in terms of buying food and feeding myself?" Here is the analysis we came up with.

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LET USE TODAY'S GHS to NGN RATE AS EXAMPLES

5 GHS = NGN 511.99
10 GHS = NGN 1,023.98
50 GHS = NGN 5,119.89
100 GHS = NGN 10,239.78

Can 10,000 Nigerian Naira feed you for one week in Nigeria? Let’s find out. If you go to a local restaurant in Nigeria with the aim of buying rice and beans to manage yourself on the very minimum budget and plan to manage 10,000 Naira for one week, I don’t think it’s possible.

This is because, at least in a local restaurant in Nigeria, to eat a plate of food, you will spend nothing less than 1,500 Naira.

Let’s calculate using 1,500 Naira.

If you spend 1,500 Naira on one plate of food in a local restaurant in Nigeria per day, this means 1,500 Naira x 3 meals = 4,500 Naira daily. This equals 13,500 Naira in three days for a single person.

For a couple or a married person, I don’t think 10,000 Naira can even last for two days.

This shows that Ghana’s Cedi is currently doing far better than Nigerian Naira in terms of a stronger currency.

No wonder many Nigerians run to Ghana for greener pastures.

I hope the Nigerian government can look into this and do something about it because Nigeria has all it takes, in terms of human resources and manpower, to make the currency stronger.

Just think about it—what does Nigeria lack in terms of natural resources?

We have almost everything needed to make Nigeria great.

But the problem in the Nigerian economy lies in bad leadership.

Most leaders get their appointments through godfatherism, and they aim to exploit the country within the four years they have in power, ensuring they acquire as much wealth as possible and deposit it in foreign accounts.

This is killing our economy. I hope that one day the Nigerian government can come together, reason together, and make Nigeria a great nation again, where our currency can return to the strength of 1 Naira to 1 Dollar, as it was in the 1960s and 1980s.