# THE REAL VALUE OF (HIVE/HBD) IN MY HOME TOWN
<sup> [source](from community contest) </sup>
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When we talk about the US dollar($) this is always one of the unique and top currency in the whole world today. As many other values and currencies even get perked to the value of a dollar. Here I will be talking about HIVE and its BACKED DOLLAR (HBD) as its real value vary in different parts of the world today. Let us take a tour to the southern part of NIGERIA which is my country.
## NIGERIA
<sup> *Image by [deyon daniel](https://unsplash.com/photos/67ruAEYmp4c)* </sup>
This is a country that have been since the 19th century and gained independent on October 1st 1960. One of the top developing countries in Africa as at today, involved in trading oil and agricultural products like cocoa and the rest for economic sustainability.
It is not new that the country has been challenged by series amounts of inflation due to the economy system one way and the other and this series of inflations are always blamed on the value of the US DOLLAR($) so what is the value of the us dollar in Nigeria today.
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### US DOLLAR WORTH IN NIGERIA.
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The price of the united states dollar vary between 415.13 naira to about 605.20 naira as at today 14th may 2022.
We operate with two different values of the US dollar.
$1 = N415 naira this is the value issued and recognized by the central bank of Nigeria while,
$1 = N605 naira is what we refer to as BLACK MARKET value, this value is what we see on the Dollar tether tokens!
But we do not use the value of the central bank in the markets to trade the us dollar therefor, the price of the US dollar in Nigeria is roughly 605.20 nairas to a dollar.
### HIVE DOLLAR (HBD).
Today 14th may 2022 the hive dollar had grown to meet up the exact value of the US dollar which is $1 to the US dollar, that makes one hive dollar HBD1 = N602 nigerian nairas
<sup> *Image from [coin market cap](https://coinmarketcap.com/currencies/hive-dollar/)* </sup>
# THE NIGERIAN MARKET AND INFLATION.
Knowing how much a dollar is worth now in the local market, you don’t directly exchange dollar in the market for goods or services except it is to a well literate person, of a company or business!. Not every trader is so literate enough to handle a foreign currency in the local market therefore, the dollar need to be converted into the local currency that is well recognized and acceptable for trading. Before we go deep into the market place, what are the wages of the citizens in Nigeria?.
##### MONTHLY INCOME/SALARY
<sup> *Image by [towfiqu barbhuiya]()* </sup>
>NB: *SINCE HIVE DOLLAR IS EXACTLY ONE US DOLLAR IN VALUE (1$=1HBD) I WILL BE USING THE US DOLLAR IN PLACE OF HIVE DOLLAR in explanations*
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Inflation has already played a big role in the Nigerian market today both in food items/groceries, luxuries including resources like gas & petrol etc.
Maybe *the inflation would not really be a problem if there is more than just enough money been paid to citizens to spend on their purchases*
I’m talking about a source of income and wedges if you are a salary earner, a student doing pert time jobs, a farmer or even a civil servant and government worker. **Your annual or monthly pay and income in your area of business is what will determine if you are affected by the inflation or not!**
Talking about a monthly income it is always best with people who work under the government as government workers or civil servants because they are assured of a fixed budget of annual payment called **salary** giving them a fixed future expectations of their earnings than that of a part time workers and side hustlers who can literally predict how much income they would have at the end of the day hustle.
Very few citizens have had the opportunity to work with the government, few are business owners managing their own businesses while most are civil servants and majority just part time and daily hustlers.
<sup> *Image from [pexels](https://images.pexels.com/photos/4195342/pexels-photo-4195342.jpeg?cs=srgb&dl=pexels-dinielle-de-veyra-4195342.jpg&fm=jpg)* </sup>
● A government worker could earn about N25,000 to N35,000 or more to N40,000 monthly which is about ($41 , $57 or $66 respectively) depending on what kind of service you render to the government and they are considered as highest pay salary earners in the country
● A civil servant like a teacher or health worker may earn N10,000 to N15,000 0r luckily N20,000 which are ($16, $24 or $33) respectively in a month.
● A side hustler may be self-employed or running a part time job which sometimes may luckily earn close to a civil servant least salary or even more than that monthly also depending on the form and capacity of the business.
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# INFLATION RATE AND PRICES
#### RESOURCES AND GOODS.
<sup> *Image by [Erik Mclean](https://unsplash.com/photos/VtHK0R6sARg)* </sup>
Some years ago, around 2011 a liter of petrol was sold for N140 – N145 which traders complained that it was too expensive from the original amount been sold at N100 per liter in 2009.
But today, the price of petrol is sold for not less than N200 or N180 in certain stations that is about ($0.33) per liter in some private petrol stations.
<sup> *shot by author* a petrol station managed by the government </sup>
A cooking gas measured in Kilogram (kg) is sold for N750 to N800 ($1.32) per kilogram.
From it's initial N400 per kilo. This has pulled alot of homes into making use of firewoods to make meal for themselves which is less expensive and more accessible to them.
<sup> *Image by [juan jose](https://unsplash.com/photos/dZ3Atm8ftjw)* </sup>
Currently in the country **you cannot buy anything for 1 penny** i.e $0.01 which is N6 nairas. You can’t purchase anything with such an amount of money the least sales which could be a sachet of ordinary water is being sold for N20 nairas each which is ($0.033) which is twice its former and initial price of N10 nairas at ($0.011).
In terms of mobile phones, smart phones, android devices, IOS and other accessories, they are being sold for various amounts ranging according to its type, model, specifications and capacity.
I still remember how we could own a very portable smart android device for at least 20k ($33) few years back but now, A very tangible android device or smart phone would not cost you less than 40k to 35k which is about ($66 to $57) presently. This is more than one quarter of an annual rent payment.
<sup> *Exterior of my apartment* </sup>
Talking about rents and accomodations this also varies in different parts of the country but here in the south, a normal 4x4 meter square bedroom apartment being self contained is given out for N150,000 nairas ($249) annually that makes it about $21 monthly.
A civil servant who earns about $25 monthly in a rented apartment is going to be making a serious strategy in terms of managing what he has in other to suit and sustain himself. He has to take care of himself, electricity bills, taxes and of course daily bread.
But What if he then has a wife, that makes his duties multiplied by two!.
or he's married with about two kids.
This is where life looks miserable for some homes and the best they can do is to channel their resources and household into agriculture and farming to strategize their incomes. That is what everyone does in the country today including mine!
<sup> *Image from [pexels](https://images.pexels.com/photos/4894609/pexels-photo-4894609.jpeg?cs=srgb&dl=pexels-gustavo-fring-4894609.jpg&fm=jpg)* </sup>
#### FOODS AND GROCERIES
Talking about foods and groceries,there is a very unique way inflation is being initiated in the aspect of some groceries and food items. It is either,
***the price increases and the quantity remains or,
the price remains and the quantity reduces or,
price increases and quantity decreases as well!***
<sup> *shot by author* </sup>
The photo you see above shot on mobile, is a little cup of bread that was always sold for N100 naira each which is ($0.17) now sold at N170 ($0.28) maintaining the quantity and size but inflating the price! When you feel you have enough to spend, you can actually go for this Amazon breads. As for me I look at at quality too compared to cost so I don't mind going for it because of the quantity regardless of its cost!
Fruit's and vegetables are as well not exceptional in this inflation program. Smaller fruit's are being sold for a huge amount and the big ones are sold like bitcoins.
<sup> *Image by author* </sup>
Heading to this point earlier today to purchase some cucumbers, they were sold for N150 each and I had a plan of getting up to Three that would be N450 ($0.7) I decided to save my money because I can spend half a dollar on a better food like a bottle of drunk and a cup of bread or some sandwitch.
## BUDGETS AND STRATEGIES
Even tho items in the market seem so expensive this days, we wouldn't just go ahead to make expensive budgets instead, we strategize our mode of purchase aim at a cheaper store or favourite vendors whom will consider you as a full time customer and is willing to give you some good discounts on your purchases.
Sales on the streets by hawkers or street sellers are always cheaper in price than sales in stores but if you are going with quality other than price like I am, then you should patronize the stores and have good engagement with some traders.
There is a an overall market day,
The market is always sold everyday of the week except on Sundays, this means that you can buy items in the market every single day except on a Sunday.
but there is always a ***main market day***
Which occurs every 4(four) days intervals.
<sup> *Image by [omotayo tajuden](https://unsplash.com/photos/ME416b6sp2I)* </sup>
On the main market days, items are always sold at a cheaper rate of about 30% to 40% discount compared to other days of the week.
The market day is calculated in 4 days intervals take for instance,
If the last market day was held on a Monday, the next market day will be in 4 days time that is on Friday and after Friday, the next market day falls on Tuesday and so on and so forth.
But if a main market day should fall on a Sunday, it will roll over to the next day which is Monday because markets are not being sold on a Sunday!.
Mostly this is always my way of saving money and expenses, Shopping on a market day to get your fruits and veggies or even some luxuries and outfits at some worth prices.
I do render positive thinking and having reasonable doubt to make forgone alternatives of items in the market in other to cope with the rate of inflation and low balance by picking Items that would definitely sustain me for a longer period of time than a little and expensive budget that won't take me up for the next 30 days!
<sup> *Image by [towfiqu barbhuiya](https://unsplash.com/photos/0ITvgXAU5Oo)* </sup>
My maximum budget for a week is never more than 5k which is about 8 to 10 HBD's in terms of feeding, bills and taxes including transportation means to live my daily life!.
A monthly budget can sky to 50 HBD's for me which is very expensive for my level and as such, I start to run my strategies like I mentioned earlier to sustain and cope with inflation and low balances.
# Conclusions
All possible explanations been stated in the above article.,
Looking at the rate of HBD to the local currency in Nigeria of about N602 to 1 HBD,
one would need about 3 HBD's to get a full square meal in a day considering the rate at which inflation has pulled into the market and economy.
Apartment rents and electricity with extra bills including taxes if to be calculated together, an average man living in the Southern part of Nigeria here would need not less than a minimum of about 6 to 10 HBD per day worth 6k in naira.
A whole family to have good square meals and proper medications good hygiene and a healthy life, they need spend not less than 8 to 10k which is about 16 HBDs in a day.
school bills with other personal and financial challenges and home maintainance that requires money to be included would cost some families spending 13 to 15k daily worth 24 HBD's depending on how polygamous and occupants in the home!
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As for Myself,
<sup>[My Photo]</sup>
as an undergraduate in the University, there is so much to look into academically when you talk about school bills, apartment fees, even purchasing text books and school expenses an average student like I am, is already spending about 3 to 5k which is 10 HBD's daily to cope with inflation and live a healthy life plus academic balances.
having a budget of 50 HBD in a week is not a good idea and I try to avoid such but in a case where I venture into such, I may be forced to run a little side hustles to accumulate some more funds.
having an average of 60 to 100 HBD is a month can be well established by me or a Nigerian student who can strategize and economize values not spending carelessly on unreasonable expenses.
I do see cases where a fellow student would spend so impromptu without planning and end up borrowing or looking for who to lend some money from before the end of a semester.
SAVING UP
saving is the most important aspect of everyone's life no matter who you are, where you are, or what you do for a living. You definitely need to have a way of keeping your extra changes for future use this is regarded as saving
In my case with the value of the HBD today I am glad that hive platforms have some saving option in other to lockup your funds for some period of time and also get some commissions for that, it is really an exciting feature on the hive platform which I am looking forward to saving up my HBD's for a while this will really help me in the nearest future!
I so much appreciate the #leofinance community and the @leogrowth for bringing such an amazing and outreach contest to determine and know the value of the HBD across nations and here I am glad to have told them about the value in Nigeria.
Thank you!.
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#Leofinance #HBDvalue #contest
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