Another spate of fuel price increases by the Nigerian National Petroleum Company Limited (NNPCL) has eventuated in further crash of the Naira against the Dollar at the foreign exchange market.
Consequent upon the rising fuel costs, the NNPCL has announced a fresh hike to N1,030 per litre from N898 per litre.
This marks the second consecutive increase in September, 2024.
A data from the FMDQ indicated that the Naira dropped significantly, closing at N1,625.13 per dollar on Wednesday, compared to N1,561.76 exchanged on Tuesday which represents N63.37 depreciation.
The drop comes after the naira had made some gains on Tuesday when it appreciated by N73.39 against the Dollar.
Findings by D’GalleryTV indicated that the currency the Naira lost more values on Wednesday as it weakened in the black market where it fell to N1,895 per Dollar from N1,780 the previous day.
The foreign exchange market turnover also witnessed a decline as daily transactions dropped to $170.60 million on Wednesday from the $253.68 million recorded on Tuesday.
Pundits, especially market analysts expressed worries that the incessant fuel price hikes would put more pressure on the already dicey exchange rate, while consumers would face higher costs of living, which in turn would affect demand for foreign exchange.
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