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

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Tokunbo Afikuyomi, Jr.

Tokunbo Afikuyomi, Jr.

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