Omoyele Sowore, activist and former presidential candidate, has sharply criticized the recent increase in Nigeria's minimum wage against the backdrop of the significant depreciation of the Naira against the US Dollar.
In a tweet, Sowore highlighted that in 2019, when the minimum wage was set at N30,000, the exchange rate was 360 Naira to a Dollar. Currently, with the Naira exchanging at approximately N1,650 per Dollar, the minimum wage has been adjusted to N70,000.
Sowore's statement challenges the perceived benefits of the minimum wage increase, suggesting that the wage adjustment has not kept pace with the drastic devaluation of the Naira. He cautioned against being misled by the nominal increase in the minimum wage without considering its real purchasing power amidst economic challenges.
The disparity between the exchange rates and minimum wage figures over the past years underscores ongoing economic concerns in Nigeria, where inflation and currency devaluation have impacted living standards.
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