Naira Weakens Slightly Ahead of MPC Decision

The naira weakened marginally against the dollar on the interbank market on Monday, as investors repatriated some dividends, and dealers said markets were waiting for Tuesday’s central bank rate decision to take positions.
The naira closed at N162.60 to the dollar, down 0.1 percent from Friday’s close of N162.45.
Some dollar flows from offshore interest in local debt came in, but demand was slightly stronger, dealers said.
“The market is expected to take its cue from whatever decision arrived at by the MPC (central bank’s Monetary Policy Committee) tomorrow,” one dealer said.

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