The naira has dropped again in the foreign exchange market after another fuel price increase by the Nigerian National Petroleum Company Limited (NNPCL).
This latest hike raises the cost of Premium Motor Spirit (PMS) for the second time this year.
Data from the FMDQ showed that the naira fell to N1625.13 per dollar on Wednesday, compared to N1561.76 per dollar on Tuesday. This means the naira lost N63.37 in value.
On Tuesday, the naira had gained N73.39 against the dollar but then lost those gains on Wednesday.
In the black market, the naira also dropped, falling to N1895 per dollar from N1780 the day before.
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Foreign exchange market turnover also went down, with daily transactions decreasing from $253.68 million on Tuesday to $170.60 million on Wednesday.
The NNPCL announced the new fuel price increase, raising petrol prices from N898 to N1030 per litre. This is the second increase in September 2024.
An anonymous industry insider said, “The back-to-back price hikes will likely add more pressure on the already volatile exchange rate.”
“With each increase, businesses and consumers face higher costs, which in turn affects demand for foreign exchange,” a market analyst also explained.
