Leochallenge: The Real Value of HBD in Nigeria
The current value of HBD is $0.99, i.e 415 naira in Nigeria currency . 10 HBD will be equal to 4,150 naira in Nigeria currency and 100 HBD will be 41,500 naira. Before the present government, 41,500 naira was a huge amount to help one get enough food for a month or two. The price for food items were cheaper and money had value then but a lot had changed with the inflation, not only that money had lost it value but the price of commodities hiked in price doubling the price for what it was sold before. Let me give a breakdown of what 1 HBD can afford in Nigeria when it comes to feeding. 415 naira no longer has much value, it's not enough to buy one mudu of rice (i.e 10 cups of rice) neither can it buy a mudu of beans. This change in price followed the recent inflation. A mudu of rice costs $2.5 while beans cost $2, the least food item one can buy at this time should cost at least $0.8 except when buying vegetables and other local fruits that's cultivated in the country, just a few of them though.
By estimation, an average Nigerian survives monthly on about $160 on food and that's about 161.6 HBD while a poor Nigerian survives on $50-$60 monthly and that's 50.5 HBD and 60.6 HBD respectively. The hike in price affects almost everything in the market, 20,000 naira(41 HBD) can no longer buy enough food to last for the month, one has to keep managing to ensure they survive the period. The price of food differs in regions. Nigeria has four parts, the north , south, west and East. Things are cheaper in the northern part of the country compared to the other three. The northerners are basically farmers, they farm different kinds of food including rice, beans, vegetables, etc. And sells them at a cheaper rate compared to the other part of the country where farming is not their major occupation. So, 1 HBD can afford more food items in the northern part of the country compared to the southern, western, and Eastern part of the country.
The increments in the price of items had made many settle for the same food item of low quality. In Nigeria, we have both foreign and local rice, foreign bag and local bag, foreign shoes and local shoes, etc. The poor and average people go for the local food which costs less. The inflation has made a lot of people start patronizing local products because their money can't afford the foreign made products. Our 15 naira no longer worth anything, what was sold for 5 naira before is now sold at 20 naira and what was sold for 20 naira is now sold at 100 naira. The only way the average people are surviving is by settling for the local made products in Nigeria. With 100 HBD which is 41,500 naira one can purchase more locally produced food items and products.