Few days ago, The President of the Federal Republic of Nigeria, President Muhammadu Buhari signed the new minimum wage bill which means government workers earns N30,000. Initially they received N18,000.

Let us look back to the year 2010, on the 31st of December to be precise, the exchange rate of Dollar to Naira was;

N1 = 0.0065 Dollars (which makes $1 = Approximately N150).

The minimum wage of Nigeria got increased to N18,000 in the year 2011, following the Minimum wage Act of 2011, which makes the minimum wage to be;

N18,000 = $120

In the year 2019, after the bill was signed, because of the heavy Dollar to Naira rate ($1 = N360), the minimum wage has dropped in dollar value to be;

N30,000 = $83.

Source: https://www.musictori.com/2019/04/8yearschallenge-minimum-wage-of-nigeria.html

cc: lalasticlala, mynd44

Devaluation of currency happens anytime.

cc: lalasticlala