The naira experienced a significant drop against the dollar in the foreign exchange market as the Nigerian National Petroleum Company Limited (NNPCL) raised the price of Premium Motor Spirit (petrol) once again.
According to FMDQ data, the naira weakened to N1625.13 per dollar on Wednesday, down from N1561.76 on Tuesday, marking a depreciation of N63.37.
This decline on Wednesday follows a previous gain of N73.39 against the dollar on Tuesday.
Similarly, the naira fell on the black market, depreciating to N1895 per dollar on Wednesday from N1780 the previous day.
Meanwhile, daily foreign exchange transaction turnover dropped to $170.60 million on Wednesday, down from $253.68 million the day before.
According to DAILY POST, NNPCL raised the petrol price to N1030 per litre from N898, marking the second price hike in September 2024.
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