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When the naira was introduced, it had an official exchange rate of US$1.52 for ₦1, though a currency black market existed in which the naira traded at a discount relative to the official exchange rate. The official exchange rate set by the Central Bank of Nigeria: naira to U.S. dollar is approximately ₦767.54 per 1 US dollar.
In 2016, the black-market exchange rate of the Naira was about 60% above the official rate. The central bank releases about $200 million each week at the official exchange rate. However, some companies cite that budgets now include a 30% "premium" to be paid to central bank officials to get dollars. [157]
As of January 3, 2022, effective state minimum wage rates range from US$7.25 to US$15.00 per hour, with an average of about $12.00 across all minimum wage workers as of 2019. [ 237 ] [ 238 ] [ 239 ] Local government minimum wages exist as well, the highest of which reach to $17.13 per hour.
The birth rate is 35.2-births/1,000 population and the death rate is 9.6 deaths/1,000 population as of 2017, while the total fertility rate is 5.07 children born/woman. [229] Nigeria's population increased by 57 million from 1990 to 2008, a 60% growth rate in less than two decades. [ 230 ]
The N-Power program provides young Nigerians with job training and education, as well as a monthly stipend of 30,000 Nigerian naira (US$83.33). Npower is a social investment scheme initiated by President Muhammadu Buhari on 8 June 2016 in an attempt to boost the youths employment rate.
Steam is a digital distribution service and storefront developed by Valve Corporation.It was launched as a software client in September 2003 to provide game updates automatically for Valve's games and expanded to distributing third-party titles in late 2005.
Enugu's crime rate rose in 2009 as kidnapping and armed robbery rates increased in southeastern Nigeria specifically between September and December. [91] The Enugu State government sought to check the high kidnapping rates by passing a bill in February 2009 that made kidnapping by the use of a weapon a capital offence ; the bill was passed by ...