Economy
Naira Slumps Against Dollar Amid Fuel Price Hike
The naira fell sharply against the dollar in the foreign exchange market following a new increase in the price of Premium Motor Spirit (petrol) in Nigeria.
According to FMDQ data, the naira depreciated to N1611.34 per dollar on Tuesday, down from N1585.77 on Monday, marking a loss of N25.57. In the black market, the naira also weakened by N10, closing at N1640 per dollar.
The rise in fuel prices coincided with an increase in foreign exchange transaction turnover, which surged to $206.61 million on Tuesday from $71.18 million the previous day.
SK Blog reports that the pump price of petrol has risen above N855 per litre from N617 at the Nigerian National Petroleum Company Limited.
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