As NNPCL raises fuel prices once more, the Naira declines even more.

Nigeria's currency, the naira, continued its downward trend against the US dollar following the latest fuel price hike by the Nigerian National Petroleum Company Limited. The naira's value dropped significantly, closing at N1625.13 per dollar, a N63.37 depreciation from the previous day's rate of N1561.76.

This decline reverses the naira's gain of N73.39 against the dollar recorded the previous day. In the black market, the naira also weakened, falling to N1895 per dollar from N1780.

The fuel price increase, from N898 to N1030 per liter, marks the second consecutive hike in September 2024. Industry experts predict that the back-to-back price hikes will exacerbate pressure on the already volatile exchange rate.

According to market analysts, the fuel price adjustments directly impact the naira, leading to higher costs for businesses and consumers, which drives up demand for foreign exchange.

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