My Neighborhood Watch #36 - Reporting Events Around us
Thank you @xkool24 for another episode like these. I'm glad to participate and to share my uptake values.
My username is @chisom77 and I'm currently a resident of Benin Republic. I want to share with you all my nations status—economically, socially, psychologically, mentally and materialistically.
Pick up your cup of coffee as you enjoy the reading
Image from the contest
Five years ago, Nigerians were like giant of Africa, due to how enriched their currency were. But as time grows, Nigeria were defeated by the so-named Ghana. Ghana gain their stamina in the economical impacts, while Nigeria remain downtrodden.
Here in Benin Republic. When I had admission newly (2022), Nigeria currency was a bit higher than Benin Republic currency. But as it stands now (2023/2024), Nigeria currency value has been buried. Nigerians in Benin Republic cry daily. Students escaped from the land as a result of this occurrences. Everything increases to the Benin Republicans favour.
So the only way, one could benefit from this rates, is only if one is employed in the country. Apart from that, Nigeria currency to Benin Republic currency (CFA) is completely shapeless.
| Current rate (2023/2024) | Naira to CFA calculation |
|---|---|
| 328 | 0.328 × 1000 naira = 328 CFA |
| √ | 0.328 × 2000 naira = 656 CFA |
| √ | 0.328 × 3000 naira = 984 CFA |
| √ | 0.328 × 5000 naira = 1,640 CFA |
| √ | 0.328 × 10,000 naira = 3,280 CFA |
| √ | 0.328 × 50,000 naira = 16,400 CFA |
| √ | 0.328 × 100,000 naira = 32,800 CFA |
| Previous rate (2022) | Naira to CFA calculation |
|---|---|
| 900 | 0.900 × 1000 naira = 900 CFA |
| √ | 0.900 × 100,000 naira = 90,000 CFA |
From the diagram above, it will be certain that Nigeria currency has completely lost value in the market scheme. Meaning that, no matter how you earn in Naira over here, when you withdraw, it becomes nonsense. Now, I asked, how much can the current rate of CFA work to Nigerians favour? This is the reason behind why Nigerians seeks for dollar money generating platform than mere African currencies.
I invite @bossj23, and @ngoenyi to participate in this contest
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Your post is the true situation of the country. If the government will listen and do something fast
Congrats to your contest because here in our country economy is getting more worst daily which is very bad