See how Naira Falls Sharply Against the Dollar Following Fuel Price Increase
The naira experienced a sharp decline against the dollar on the foreign exchange market following a new hike in petrol prices in Nigeria.
According to FMDQ data, the naira depreciated to ₦1611.34 per dollar on Tuesday, down from ₦1585.77 on Monday, marking a loss of ₦25.57.
In the black market, the naira also fell by ₦10, closing at ₦1640 per dollar on Tuesday.
This decline coincided with an increase in foreign exchange transaction volume, which surged to $206.61 million on Tuesday, up from $71.18 million the previous day.
Additionally, FIRST CLASS GISTS reported that the price of petrol at the Nigerian National Petroleum Company Limited rose to ₦885 per litre from ₦617.
