Leo Challenge: The Real Value of HBD
The real value of HBD differs in countries, while one is high, another may be low. The current binance value for 1 HBD in Nigeria currency (Naira) is #560 which means 1 HBD is equal to #560, 10 HBD is #5600, and 100 HBD is #56000. Before now, #56000 was a huge amount of money to spend but that has changed with the inflation. The price of commodities increased following the closing of borders and putting a stop to importation. A mudu of garri that was sold for #80 is now sold at #300, a bag of rice that was sold at #7000 now cost #37000, the price is four times higher than the previous cost. Considering the inflation and the cost of commodities, 100 HBD will be able to purchase just a few things now and could barely sustain a family for two weeks.
A bachelor may sustain manageably with 100 HBD for a month, but it wouldn't be possible for a family. The hike in price not only affects food stuffs but housing as well. Depending on one's location in the country 100 HBD may not cover for house rent. food, housing, and transportation is cheaper in the Northern part of the country, a 100 HBD may cover more bills in this part of the country than the other parts of the country where the cost of living is higher.
In order to survive this recession, a lot of people are settling for locally processed food and houses not well furnished. The good part of living in Nigeria is that we have commodities that cover low and high budgets. So, if going for the low budget, buying locally made foodstuffs, 100 HBD will get one a good quantity of food. Some families survive on less than 100 HBD a month, all they do is go for the locally made commodities, the local rice made in Nigeria, local garri in towns where they farm cassava, white beans which are cheaper, etc.
In my village, I can use 100 HBD to start a yam farm, buy the seedlings, and pay for laborers. Though it depends on the amount of heaps I want to make. 100 HBD can cover 100-200 heaps, and it can serve for a beans farm but wouldn't cover all the expenses for a rice farm since it costs a lot of money to maintain. Even with the current inflation and recession, 100 HBD would still cover up much of the bill in Nigeria.
Posted Using LeoFinance Beta
