Why Nigerians Are Worse Off in 2026 Despite Higher Naira Figures

In 2022, Nigeria’s minimum wage stood at ₦30,000, equivalent to about $70 at an exchange rate of ₦430/$. Today, with a ₦70,000 wage and a rate of ₦1,370/$, it buys only around $51. FAAC allocations also rose from ₦700 billion to ₦2.1 trillion monthly. Yet in dollar terms, this fell from roughly $1.63 billion to $1.53 billion. Bigger naira numbers hide a weaker currency. When salaries or state revenues increase on paper but buy less in real terms, Nigerians lose out. Higher naira figures don’t guarantee greater value or purchasing power.

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