Nigeria's commercial hub Lagos and Abuja, the capital of Nigeria, have been enrolled as the world's cheapest cities for foreign workers.
The recently released Mercer 2024 Cost of Living Survey claimed the devaluation of the naira as the causes for the fall in cost of living for foreign employees in both cities.
The naira began to fall last year shortly after President Bola Tinubu introduced reforms and ended the longstanding pegged exchange rate regime introduced by former Central Bank of Nigeria (CBN) Governor Godwin Emefiele that had kept the currency artificially high.
Despite high inflation in the country, Lagos and Abuja recorded the biggest fall in cost of living rankings among 226 cities worldwide from 2023 to 2024, according to Mercer's survey.