Hive backed dollar(HBD) which has its current price at $0.95 Is gradually getting to the top of the league in the fiat world and hoping that it gets there in no time as we keep on investing in it.
In my hometown where I reside in Nigeria, it's not a joke when we talk about inflation in the country, it is becoming far more unbearable for the average person in the country. This situation is not to be discussed where the low class are because it has gotten out of hand as the means of livelihood has become even more expensive.
You could imagine when the water has become even more expensive a low-class individual will not be able to afford it for himself and his family. So instead of going for processed and more purified water they rather go on a normal running tap that will cost nothing. And this has led to so many cases of sickness.
This aside, as we ate here to talk about the value of HBD and what it can afford at the moment the value can get anything you want depending on the level you are operating in the community.
But then I would like to limit this to 10 HBD . At least let's see it from the average man's level.
1HBD is currently $0.95 which is in Nigerian currency and is equivalent to #395(Naira). Using this as a base for the current value of HBD in my country, I will use this to establish my point.
A pack of biscuit now cost about #400 which is almost equivalent to 1.01HBD considering when it used to be sold at the cost of 150 it means one can have 3 of the packs with just 1 HBD.
How do you expect an average man with maybe 4-6 children to survive with the rate of inflation in the country?
A Carton of noodles use to cost #1500 equivalent to almost 4 HBD one should be able to purchase a carton that will serve the family and out of 10 HBD, one should still have about 6 HBD to buy other things.
But recently the price of noodles now cost almost 4500 which is equivalent to less than 10 HBD, doing this means there will be no more HBD to buy other products as a result of the inflation in the country.
There are so many other items that inflation has affected, leaving the average man with no option than having substitutes for fewer options which of course will not be enough for the family.
There was a time when if I hold money worth 10 HBD and go to the market I will be able to purchase most of my items and still have some small change left for other menial stuff.
But just recently, I went to the market with #5000 naira which is equivalent to 12.3 HBD
guess what I bought with that money?
Just a role of chocolate which cost #500 =1.2 HBD
A role of milk which cost the same #500 =1.2HBD
A pack of cube sugar cost #450 = 1.1HBD
A pack of biscuits cost #350= 0.8HBD
A measurement of rice which cost #950=2.4 HBD
A big sachet of detergent costs #1000=2.5HBD
And I have to fill my gas for cooking cost #1500= 3.8HBD
Picture of items bought.
Sum all the hbd together you get the total number of HBD i used in purchasing all these things which are not yet enough for my welfare.
AND THIS ARE THE THINGS I HAVE NOT BOUGHT.
A carton of noodles which cost about #4500 this alone is equivalent to almost 10HBD.
So imagine I go to the market to buy this alone with the money I have then all other things will be put on hold which are necessary for livelihood.
Vegetable Oil for my cooking also could not be afforded.
We did not even talk of cosmetics, my cream and all other things that will be required for body maintenance.
Looking at this tells me how an average Nigerian will be able to survive the persistent inflation in the economy.
Thanks for visiting my post.