Economic and financial experts have said the naira may reverse this week the loss it recorded against the United States dollar and other currencies last week.
Owing to increased scarcity of the dollar, the naira fell from 490/dollar to 497/dollar during the past week.
Financial experts, however, linked the loss recorded by the local unit to acute shortage of foreign exchange occasioned by the absence of the Central Bank of Nigeria in the forex markets in the past three weeks.
The Managing Director, Cowry Asset Management Limited, Mr. Johnson Chukwu, said, “The CBN is still the major supplier of forex. The central bank has stopped selling forex at the interbank forex market and the Bureau De Change segment in the last three weeks.
“When the CBN resumes forex sales to the BDCs and begins interventions at the interbank market this week, the naira will reverse the loss it recorded last…
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