Understanding the Average Salary in Nigeria
In Nigeria, salaries are typically paid in Nigerian Naira (NGN). According to data from salary-aggregator websites, the average monthly salary in Nigeria is around ₦340,000.
However, this is a gross average: many people earn much less (especially in the informal sector), and some very high earners (in tech, oil & gas) pull the average up.
Current Exchange Rates (NGN to USD, EUR & GBP)
To convert Nigerian salaries into Pounds, Euros, or US Dollars, you need to use the current exchange rates :
- NGN – USD: ~ ₦1,441.33 per $1.
- NGN → GBP: ~ ₦1,903.08 per £1.
- NGN to Euro (EUR) ~ ₦1,677.99 per €1.
These are mid-market or “official” rates; black-market or parallel rates may differ significantly.
Converting the Average Salary to USD, EUR, and GBP
Using the average monthly salary of ₦340,000, here’s how that translates roughly into other currencies:
| Currency | Conversion Rate (Approx) | Equivalent of ₦340,000 |
|---|---|---|
| US Dollar (USD) | ₦1,441.33 / $1 | ~ $236 per month |
| Euro (EUR) | ₦1,677.99 / €1 | ~ €203 per month |
| British Pound (GBP) | ₦1,903.08 / £1 | ~ £179 per month |
Calculation Explanation:
- USD: 340,000 ÷ 1,441.33 ≈ 236
- EUR: 340,000 ÷ 1,677.99 ≈ 203
- GBP: 340,000 ÷ 1,903.08 ≈ 179
VIEW ALSO : What is the minimum Wage/Salary in Nigeria
Why the Converted Salary Seems Low
When you convert Nigerian average pay into USD, EUR, or GBP, the resulting amounts often look very low compared to average salaries in Western countries. Several factors explain this:
- High Inflation & Currency Depreciation: The Naira has weakened significantly against major currencies over time, reducing the “foreign-currency equivalent” of salaries.
- Income Distribution: The “average” here includes both very low-paid and high-paid individuals — many Nigerians make much less than ₦340,000, and only a small fraction make very high salaries.
- Cost of Living Differences: The cost of living in Nigeria is very different from Europe or the U.S., so a “lower” equivalent converted salary doesn’t always mean someone is worse off in a local context.
- Exchange Rate Variability: Official rates differ from black market rates. For instance, informal (parallel) markets sometimes quote much higher rates, affecting how conversions are perceived.
Implications for Nigerians and Foreigners
- For Nigerians Earning Locally: Even though converted amounts look small, local purchasing power matters more than how much it is “worth” in USD or GBP.
- For Nigerians Working Remotely for Foreign Companies: If someone is paid in USD, GBP, or EUR but spends in Naira, they may have a significant advantage — their earnings convert to many more Naira.
- For Expatriates: Those coming to Nigeria for work and paid in local currency should understand the conversion and how inflation and exchange rates may affect their real income.
Frequently Asked Questions (FAQs)
What is the average salary in Nigeria in US dollars?
Using an average monthly salary of ₦340,000 and a conversion rate of about ₦1,441 per USD, the average salary converts to roughly $236 per month.
How much is ₦340,000 in Euros?
At an approximate rate of ₦1,678 per Euro, ₦340,000 is equivalent to about €203 per month.
What is the Nigerian Naira worth in British Pounds for average earners?
With a rate of ₦1,903 to £1, the average salary of ₦340,000 comes out to around £179 per month in British Pounds.
Why does the converted salary feel very low?
Because of the Naira’s depreciation, high inflation, and differences between official and black-market exchange rates, converted salaries often appear small in USD, EUR, or GBP terms — even though local buying power and cost of living may differ.
Do exchange rates used for conversion always reflect what Nigerians actually get?
Not necessarily. There’s a gap between official forex markets and parallel (black) market rates. Many Nigerians rely on or are affected by the parallel market, where currency conversion rates can be worse (or sometimes better) than official rates.
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