The naira saw a sharp depreciation against the dollar at the foreign exchange market as the Nigerian National Petroleum Company Limited (NNPCL) raised the pump price of Premium Motor Spirit (petrol) once again.
According to FMDQ data, the naira weakened to ₦1625.13 per dollar on Wednesday, down from ₦1561.76 traded on Tuesday—marking a loss of ₦63.37.
This followed a ₦73.39 gain the currency had recorded against the dollar on Tuesday.
Similarly, on the black market, the naira slid to ₦1895 per dollar on Wednesday, compared to ₦1780 the previous day.
Additionally, daily FX transaction turnover dropped to $170.60 million on Wednesday from $253.68 million on Tuesday.
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