Nigeria's New Minimum Wage Set at 70,000 Naira

Nigeria's main labour unions and the government have settled on a new minimum wage of 70,000 naira ($44) per month. The announcement was made by Information Minister Mohammed Idris on Thursday.

Nigeria's primary labour unions and the government have reached an agreement to implement a new minimum wage of 70,000 naira ($44) per month, according to Information Minister Mohammed Idris. The decision aims to address the financial challenges faced by workers in the country.

As part of ongoing negotiations, both parties considered the current economic climate and the cost of living for Nigerian workers. The new wage structure is expected to offer some relief amidst rising inflation and economic pressures.

This move is seen as a significant step toward improving the standard of living for workers across Nigeria. The exchange rate stands at approximately 1,580 naira to a dollar.

(With inputs from agencies.)