Popular Nigerian Radio Personality, Osikhena Dirisu has taken to his social media page to dish out financial advice to immigrants who often convert the monetary rate as a yardstick for spending in their new country.
This advice was triggered by the post of a lady who vowed to return to Ghana because she spent just $40 making her hair when it was impossible to do so abroad.
In her words;
“In Accra for $40 they removed my weave, washed + conditioned, blow dried, and gave me large knotless butt length braids with the hair included. Yes, I’m moving back.”
According to Osi, it is economically unwise to convert the rates of both countries and use them to determine which was cheaper and more affordable since both countries have varying economical structures.
He gave a detailed explanation of the purchasing power of currencies and how best they fit each country.
“People like this that don’t understand purchasing power parity.
You can’t use what you pay in america as a yardstick as to what to pay at home.
And if you start overpaying you contribute to inflation and make life difficult for locals who don’t earn in USD.
I barb my hair for 2k in lagos or 3k at best.
It’s 40 dollars when I travel to America and you won’t see me saying omg look at my 40 dollar haircut cos I understand the economics of it
But you won’t let us rest cos you made 40 dollar braids that cost 200 dollars where ure from
I don’t understand how educated people don’t understand the economics of pricing in the different regions of the world
If it cost 40 dollars to braid in Yankee how will that hair dresser pay rent or afford a living.
There are salons that charge exorbitantly to make hair, you won’t go there o.
You will enter trenches to make your hair and be shouting omg look at my 40 dollar braids.
Aunty you are paying what everyone else who earns in naira is paying.
Why are you converting it.
I have never seen any of you saying omg the bottle of azul in the club is 200 dollars.
Cos club owners no send una papa
I dislike when these returnees know that they are going to the trenches to look for cheaper options.. they will now convert to usd like we spend usd here”