Naira slumps against dollar amid fuel price hike

The naira slumped significantly against the dollar at the foreign exchange market amid another Premium Motor Spirit (petrol) pump price hike in Nigeria.

FMDQ data showed that the naira weakened to N 1611.34 per dollar on Tuesday from N 1585.77 exchanged on Monday. This represents N25.57 loss.

Similarly, the naira lost N10 at the black market to close at N1640 per dollar on Tuesday.

This comes as foreign exchange transaction turnover increased to $206.61 million on Tuesday from $71.18 million the previous day.

DAILY POST reported that the pump price of petrol increased to N885 per litre from N617 at the Nigerian National Petroleum Company Limited on Tuesday.