Minimum Wage: Naira gains after president announcement of new figure

The Nigerian currency, naira saw a significant appreciation in both the official and black foreign exchange markets on Thursday, following President Bola Tinubu’s announcement of a new national minimum wage increase to N70,000.

The president announced the new  figure after organized Labour  rejected N62,000 that was  initially proposed by FG

According to a Bureau De Change operator in Wuse Zone 4, Abuja, the naira strengthened on Thursday evening, trading at N1,565 per dollar compared to N1,615 per dollar on Wednesday.

“As of Thursday evening, the dollar is exchanged at N1,565, down from N1,615 on Wednesday,” the operator reported.

This development came shortly after President Tinubu raised the minimum wage for Nigerian workers from N30,000 to N70,000.