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
https://twitter.com/Samuelshem11/status/1523432269184086016
The rewards earned on this comment will go directly to the person sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
Well damn HBD is hella useful ngl
Posted using LeoFinance Mobile
very useful with the fact that its a stable coin
This is so true. HBD is one reason why i am not afraid of the future ngl. Maybe i am still yet to wrap my head around how i am going to make the most of it, but i do know that it is a rare asset.
saving a lot of it will help in the future. but you can only save if you're still dependent on parent
Not really true. Saving 0.010 HBD might seem like a real drag but it does work especially if you're thinking long term
That's too Small, imagine the years it will take to make anything tangible
It would only take years if you keep that mindset... you have to think growth not the money
Maybe I'll make you my accountant, sending 2 HBD to your wallet every week for one year
Whatever floats your boat. Just make sure you are keeping a record. Not the first time people use me as their walking savings account
lolz. then you're trusted
Always have been when it comes to other people's money. Beside the blockchain is transparent so they can always track my withdrawals and account balances
The HBD does go far where you live.
To bad all over the world everything is so much more expensive than before and it keeps rising. But the salaries don’t.
Posted Using LeoFinance Beta
That's something we all have to bear with
I know……… sigh
Posted Using LeoFinance Beta