Nigerian Banks Raise Pay to Keep Workers as Inflation Bites

Some Nigerian lenders are voluntarily increasing staff compensation to enable workers to cope with higher costs of living, following government reforms that exacerbated inflation.

Guaranty Trust Holding Co. and Wema Bank Plc have already boosted pay, while Access Holdings Plc — the country’s largest lender — is working on a similar measure, according to spokespeople for the companies.