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Recent financial reports have revealed that the naira depreciated significantly against the dollar at the foreign exchange market as the Nigerian National Petroleum Company Limited, NNPCL, increased the pump price of Premium Motor Spirit (petrol) for the umpteenth time.
FMDQ data showed that the naira weakened to ₦1625.13 per dollar on Wednesday from ₦1561.76 exchanged on Tuesday. This represents an ₦63.37 depreciation.
Read Also: Fuel Hike: NLC Demands Immediate Reversal Of New Fuel Price
Naira depreciation on Wednesday comes after the currency gained N73.39 against the dollar on Tuesday.
Similarly, the naira depreciated to ₦1895 per dollar on Wednesday from N1780 on the black market.
This comes as FX’s daily transaction turnover decreased to $170.60 million on Wednesday from $253.68 million recorded the previous day.
The Eastern Updates reports that NNPCL increased fuel price to ₦1030 per litre from ₦898, indicating two consecutive hikes in September 2024.
In other news, the President of the Nigeria Labour Congress, Joe Ajaero, has queried the decision of the Nigerian National Petroleum Company Limited, NNPCL, to decide and modulate the fuel pricing for Dangote Refinery thus leading to the recent fuel hike in the country.
Ajaero remarked while condemning NNPCL for increasing the pump price of fuel.
NNPCL had increased the retail price of petrol to N1,030 from N897 per litre in the Federal Capital Territory, FCT.
Speaking in Abuja on Wednesday, Ajaero said: “As we are sitting down here, they have gone to increase the pump price of petroleum again. Now what do you do in such instances?
“They expect us to buy it. Even, things we have been asking for; CNG as an alternative; for more than one year, we have been asking for the commencement of work at the Port Harcourt refinery; we had an agreement to that effect—NLC, TUC, and the federal government.
