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iPhone 16 price same as 16 bags of rice in Nigeria

In a striking reflection of the rising cost of luxury goods in Nigeria, the price of the newly released iPhone 16 has soared to match the cost of 16 bags of rice, a staple food for many Nigerian households.

The iPhone 16 unveiled on Monday, September 9, 2024, starts at $799 (N1.319 million) for the 128GB model. The iPhone 16 Plus is priced at $899 (N1.48 million), while the iPhone 16 Pro costs $999 (N1.6 million).

The iPhone 16 Pro Max is the most expensive at $1,199 (N1.9 million).

Presently, a bag of rice costs about N80,000 in the country, nearly equivalent to the new minimum wage of N70,000, which was increased by 133.33 percent in July 2024 after lengthy negotiations.

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At this price point, the cost of the cheapest iPhone 16 model is roughly equal to 16 bags of rice. It is also worth 18 months’ salary of a Nigerian minimum wage earner.

Comparing Nigeria to other major African economies, the iPhone 16 is far more expensive for Nigerians.

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In South Africa, the phone costs just over three months’ minimum wage ($248.12/month), in Morocco, it’s almost three months’ worth ($285.61/month), in Egypt slightly over five months ($156.57/month), and in Algeria around six months ($140.85/month).

This stark disparity emphasizes the financial challenges many Nigerians face, particularly in the context of the country’s foreign exchange struggles.

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Since the government unified the forex market, the naira has significantly devalued, making it one of the weakest-performing currencies globally. The exchange rate plummeted from N769.51/$1 in July 2023 to N1,580.46/$1 by September 10, 2024.

This steep devaluation has increased the cost of imported goods, including electronics like smartphones, making the iPhone 16 even less affordable for the average Nigerian consumer.

Starpotter

A Professional blogger and Entertainer. An extremely calm-headed guy.... Maybe naughty. lol

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