A Nigerian man has sparked widespread reactions online after comparing the value of money across different countries, highlighting what he described as the declining purchasing power of the naira.
In a video currently making rounds on social media, the man broke down what one million units of currency can achieve in countries like the United States, the United Kingdom, and South Africa—contrasting it with the reality in Nigeria.
According to him, while a million dollars or pounds can significantly transform a person’s financial life abroad, the same amount in naira falls far short in Nigeria.
In his words:
“A million dollars in America is life-changing money. It can buy you a house and literally put you on the path to financial freedom.
A million pounds in the UK, I’m sure, can buy you a house and probably change your life financially.
A million South African rand can buy you a house.
But a million naira in Nigeria can’t even rent you a place today. It can’t arrange a comfortable place to stay in Nigeria of today. I want you guys to understand how cooked Nigeria is. Honestly…”
His remarks have since triggered conversations online, with many Nigerians sharing their own experiences about the rising cost of living and the shrinking value of the naira.
Reactions from Social Media Users
“He didn’t lie though. ₦1 million now is like ₦100k back then.”
“Even rent for self-contain in some areas don pass ₦1m. Things are really bad.”
“But you’re comparing different currencies without considering exchange rates.”
“₦1m can still do something in Nigeria, let’s not exaggerate.”
“Cost of living everywhere is high, not just Nigeria.”
“The painful part is that salaries are not increasing to match inflation.”
“If you convert ₦1m to dollars, you’ll understand the real issue.”
“Nigeria’s economy needs serious fixing, this is not normal.”
Published by Ejoh Caleb
