Stacks of US fifty and one hundred dollar bills in money bag

Naira currency weakened slightly in the parallel market on Tuesday ahead of an interest rate decision and a possible announcement that the central bank will review its foreign exchange policy.

The Naira was quoted at 346 to the dollar on the parallel market, weaker from 345 at Monday’s close.

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At the official interbank window, commercial lenders were quoting 199 naira to the dollar, close to its peg of 197.

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Analysts are expecting the central bank to raise its benchmark interest rate at 1345 GMT to fight inflation and further support the naira.

After the government said it would use a lower rate of 285 naira per dollar for petrol imports rather than the pegged official rate of 197, analysts said the central bank could also introduce a new parallel exchange rate.

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