Naira Slumps Against Dollar Amid Fuel Price Hike

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The naira experienced a sharp decline against the dollar in the foreign exchange market, coinciding with a significant increase in the pump price of Premium Motor Spirit (petrol) in Nigeria. According to FMDQ data, the naira weakened 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 depreciated, losing ₦10 to close at ₦1640 per dollar on Tuesday.


This currency depreciation occurred amid an increase in foreign exchange transaction turnover, which rose to $206.61 million on Tuesday from $71.18 million the previous day. 


Concurrently, the pump price of petrol increased significantly to ₦885 per liter from ₦617 at the Nigerian National Petroleum Company Limited, exacerbating the economic challenges faced by Nigerians.


For further details, you can check the full article on [Daily Post](https://dailypost.ng/2024/09/03/naira-slumps-against-dollar-amid-fuel-price-hike/).

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