The continued depreciation of the naira and persistent inflation has eroded the N13.72tn that workers’ salaries gained in the last four years.
“These growth rates were lower than the Q3 of 2021 and Q4 of 2021 rates recorded at 14.54 per cent and 11.79 per cent respectively. On a quarter-on-quarter basis, the CoE in real terms fell by 1.14 per cent in Q3 and grew by 12.32 per cent in Q4 of 2022.
In 2022, the NBS stated that naira depreciation was one of the factors fuelling inflation in the country. According to the World Bank Lead Economist for Nigeria, Alex Sienaert, cumulative inflation has risen by 55 per cent between 2019 and 2022.
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