Naira’s Free Fall: Workers’ Pay Slashed by 50% Despite Increase – Economic Crisis Looms!
By Gambo Jagindi
July 19, 2024
Abuja, Nigeria – A stark reality has hit Nigerian workers as the country’s currency, the Naira, continues to plummet against the United States Dollar. Despite a significant increase in their pay from 30,000 NGN to 70,000 NGN, the actual value of their earnings has drastically decreased by 50% when converted to USD.
According to calculations by Aluta News, the initial pay of 30,000 NGN was equivalent to approximately 83.33 USD, while the current pay of 70,000 NGN is now worth only around 42.42 USD. This stark disparity is attributed to the sharp depreciation of the Naira, which has lost significant value against the Dollar in recent times.
The implications of this trend are far-reaching, as Nigeria relies heavily on imports for essential goods. With the Naira’s purchasing power severely diminished, citizens are struggling to make ends meet. The situation has sparked concerns about the country’s economic stability and the need for urgent measures to address the currency crisis.
As the Naira continues to struggle against the Dollar, Nigerian workers are bearing the brunt of the economic downturn. The government is under pressure to find solutions to this pressing issue, which is affecting the livelihoods of millions of citizens.