• Latest
  • Trending
  • All
iPhone 16 price equals 16 bags of rice in Nigeria

iPhone 16 price equals 16 bags of rice in Nigeria

Natasha denied Entrance to  Senate Chamber [Video]

Natasha denied Entrance to Senate Chamber [Video]

Tinubu Gives Fresh Appointment to Babangida’s Son, Others

Tinubu Gives Fresh Appointment to Babangida’s Son, Others

FULL TEXT: Tinubu’s tribute for Buhari at special FEC

FULL TEXT: Tinubu’s tribute for Buhari at special FEC

President Tinubu extends Christmas Greetings to Nigerians

Tinubu renames Maiduguri Varsity after Buhari

Muhammadu Buhari (1942–2025): Life, Times, “Presidency and Medical Trips”

Seven Powerful Quotes From Buhari That Shaped His Presidency

How President Tinubu, Opposition Coalition Leaders Snubbed Each Other at Buhari’s burial

How President Tinubu, Opposition Coalition Leaders Snubbed Each Other at Buhari’s burial

How Buhari was Honoured, Buried

How Buhari was Honoured, Buried

Oluwo reacts to Islamic Burial rite of Late Awujale of Ijebuland

Oluwo reacts to Islamic Burial rite of Late Awujale of Ijebuland

ADC website Crashes as Nigerians flood site to join Coalition Party

ADC: Five Unveiling Crisis casting doubts on the New Coalition

Court stops Senate disciplinary action against Natasha Akpoti

What we know about Senate Suspension of Natasha Akpoti: 7 Latest Developments

Knocks for ex-VP Atiku after dumping PDP for Third-Time

Knocks for ex-VP Atiku after dumping PDP for Third-Time

How Buhari secretly divorced Aisha before His Death as Kperogi Questions Her roleplay as Wife During Burial

How Buhari secretly divorced Aisha before His Death as Kperogi Questions Her roleplay as Wife During Burial

  • About Us
  • Advertise with Us
  • Editorial Policy
Wednesday, July 23, 2025
  • Login
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus
No Result
View All Result
iDeemlawful
No Result
View All Result
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Commentary
  • Editorial
  • Campus
Home Business News

iPhone 16 price equals 16 bags of rice in Nigeria

by iDeemlawful
September 12, 2024
A A
iPhone 16 price equals 16 bags of rice in Nigeria
FacebookTwitterWhatsapp

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).

RelatedPosts

Tinubu Gives Fresh Appointment to Babangida’s Son, Others

FULL TEXT: Tinubu’s tribute for Buhari at special FEC

Tinubu renames Maiduguri Varsity after Buhari

Seven Powerful Quotes From Buhari That Shaped His Presidency

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.

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.

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.

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.

Tags: Nigeria Government
Previous Post

BUSTED: How Obasanjo ‘Formalized’ Fuel Subsidy – IMPI

Next Post

Man declared wanted for stealing EFCC car

iDeemlawful

iDeemlawful

Related Posts

Business News

After $3b repairs, NNPC Considers Selling Nigeria’s 445,000 bpd Refineries

31 African Countries Affected by 3-Month Validity of US Visa: FULL LIST
Business News

31 African Countries Affected by 3-Month Validity of US Visa: FULL LIST

Why NNPC Refineries May Never Work Again – Dangote
Business News

Why NNPC Refineries May Never Work Again – Dangote

Reactions as CAC’s AI system approves ‘BokoHaram Hub’, ‘Nigeria Must Scatter’, others for Business Names
Business News

Reactions as CAC’s AI system approves ‘BokoHaram Hub’, ‘Nigeria Must Scatter’, others for Business Names

Nigerian Banks resume International Transactions on Naira Cards
Business News

Nigerian Banks resume International Transactions on Naira Cards

‘We have recovered reasonable amount’ – EFCC gives update on N1.3trn CBEX crypto fraud
Business News

Court rejects CBEX promoters’ bail Application

What Benefits Tinubu’s New Tax Laws Mean for Nigerians and Businesses?
Business News

What Benefits Tinubu’s New Tax Laws Mean for Nigerians and Businesses?

CAC Increases Service Fees from  August 1
Business News

CAC Increases Service Fees from August 1

‘We have recovered reasonable amount’ – EFCC gives update on N1.3trn CBEX crypto fraud
Business News

CBEX Resumes Operations, asks Nigerian Investors To Deposit $200

How Fuel Prices rose from 6 kobo-N650/litre Since 1973 to 2024
Business News

Fuel Marketers Engage Suppliers To Crash Petrol Price To N700/Litre

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

iDeemlawful

Copyright © 2019–2025 Deemlawful Media

  • About Us
  • Advertise with Us
  • Editorial Policy

Connect With Us

No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus

Copyright © 2019–2025 Deemlawful Media

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In