The naira saw a substantial drop against the dollar in the foreign exchange market following yet another increase in the pump price of Premium Motor Spirit (petrol) by the Nigerian National Petroleum Company Limited (NNPCL).
According to FMDQ data, the naira fell to N1,625.13 per dollar on Wednesday, down from N1,561.76 on Tuesday, marking a depreciation of N63.37.
This decline on Wednesday followed a gain of N73.39 against the dollar on Tuesday.
In the parallel market, the naira also weakened, trading at N1,895 per dollar on Wednesday, compared to N1,780 previously.
Meanwhile, the daily transaction turnover in the FX market decreased to $170.60 million on Wednesday, down from $253.68 million recorded the day before.
NNPCL raised the fuel price from N898 to N1,030 per litre, marking the second increase in September 2024.