Dollarisation: Will Nigerians ever stop chasing dollars?
Dollarisation. Source: Stears Business

On Saturday evening, my friends and I came across an interesting Youtube video advertising a $3 million house. It was in Shoreline Estate, Ikoyi, which is being touted as the new Banana Island of Lagos, where land prices are going for ₦750,000 per square meter (10% of a parking spot).

I’m no "house" expert, but the property was underwhelming given its price. Everyone I was with shared the same view as we complained about the tiny kitchen sink and other amenities (or lack of). 

One of my friends kept coming to one thing, though—the price. Not the $3 million, just the currency. “Why is a house in Nigeria priced in dollars?” she asked. 

No one had thought much of it. In the real estate sector, it was pretty normal for expensive houses to be quoted in dollars. To be honest, it was a reflection of the Nigerian economy. As one

This story is only available to Premium subscribers Subscribe or sign in to finish reading

Not ready to subscribe? Register to read a selection of free stories

Tokunbo Afikuyomi, Jr.

Tokunbo Afikuyomi, Jr.

Read Latest

Nigeria’s absence at the Qatar World Cup is a missed opportunity, here's why

PREMIUM - 02 DEC 2022

How well did Nigerian Breweries do in 2022?

PREMIUM - 01 DEC 2022

How much is your salary worth today?

PREMIUM - 30 NOV 2022

Should Nigeria merge its ports with railways?

PREMIUM - 30 NOV 2022

Download our mobile app for a more immersive reading experience

Scan QR code
mobile download