Thursday, October 28, 2021

We need new names?

Remember when we used to make fun of the CFA Franc (pronounced strangely, like say-fah), as it was worthless money relative to the naira? 
data showing 17naira to 1usdollar in 1992

The Ghanaian cedis and the CFA used in Cotonou (on the Benin-Nigeria border near Lagos) seemed to only have any value when you got thousands of them.  Hence the jokes like, sure, you're a millionaire?  in CFA 😁 or you say I owe you a thousand?  I'll give you 1000 CFA.  🤣 

Well, now we can't joke because we are in the same boat.  

1000naira today is about 1000CFA.  

In those days, we didn't even have 1000naira notes; less than 100naira would have exchanged officially for 1000CFA.  

Remind me again why this country Nigeria STILL has one exchange rate for the people and a different rate for "official" business.  

Remind me why this blog is called "UpNaira" when the Naira sef no gree go up.  It may be time to change the paradigm, to choose wealth for the people.  What do you think?  Keep the name or change? 

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4 comments:

t said...

The cool thing is this makes it easier to compare prices. If you're a Nigerian travelling in a CFA area for instance, trying to shop in the market/supermarket and wondering if an item is overpriced or a good deal, priced low relative to your price at home - just think about... in fact, there's nothing to think. You're at home. Except for the language - parlez-vous Français?

Content Creator said...

Nice write up and I would love to save this page so I can share to my Nigerian friends and let them know that travelling in a CFA area is not bad.

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