The naira took a hit against the dollar on Tuesday, with FMDQ data showing a significant weakening to N1611.34 per dollar, a N25.57 loss from Monday’s rate of N1585.77 ¹.
This downward trend was also reflected in the black market, where the naira lost N10 to close at N1640 per dollar.
The foreign exchange transaction turnover saw a substantial increase, surging to $206.61 million on Tuesday from $71.18 million the previous day.Meanwhile, the pump price of petrol experienced a notable hike, jumping to N885 per liter from N617 at the Nigerian National Petroleum Company Limited on Tuesday.
This increase is likely to have a ripple effect on the economy, particularly for consumers who are already grappling with the challenges of a weakening naira.
It’s worth noting that the naira’s performance against the dollar has been volatile in recent times, with fluctuations in the exchange rate affecting the country’s economy.
The current exchange rate stands at approximately 1 USD = 1,589.51 NGN ¹.
