Nigerian govt has propped the naira to the dollar to a very dangerous level/Bloomberg

Nigeria’s Dollar Reserves Plunge In Tandem With Naira Rebound Central Bank’s dollar holdings slump at rate last seen in 2020 Bolstering naira may attract more inflows: FIM’s Robertson


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Nigeria is burning through foreign-exchange reserves at a rate not seen in four years, raising concerns that the central bank is depleting its dollar holdings to support the naira after pledging it would allow the currency to float more freely.

Liquid reserves declined 5.6% since March 18, when the naira started its rebound from record-low levels against the dollar, to $31.7 billion as of April 12, according to Bloomberg’s calculations based on the latest available data from the Central Bank of Nigeria. That’s the biggest decline in a similar period since April 2020, according to data compiled by Bloomberg.

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