How Naira Depreciation Has Eroded Civil Servants’ Salaries Over 12 Years

Twelve years ago, a Nigerian civil servant earning ₦46,000 was making about $300 when the exchange rate was ₦150 to the dollar. Today, even after promotion, that same worker receives ₦160,000, which converts to less than $150 at the current rate of ₦1,500 to the dollar. This drastic loss of purchasing power makes it nearly impossible for many civil servants to afford rising rents or save for a home. Something is clearly wrong with the system, but no one seems to care.

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