Nigerians’ purchasing power declines by 56% in two yrs as hardship bites harder

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A new report by Cowry Research has highlighted a severe 56% decline in the purchasing power of Nigerians over the past two years.

Chukwu noted that past government policy decisions failed to address the warning signals, exacerbating the situation. Chukwu noted that more than half of what Nigerians could afford two years ago is now out of reach, especially for those with stagnant incomes. In response to the challenges, Chukwu urged the Federal Government to take immediate measures to mitigate the impact of inflation.

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