Nigerias Macro Win Streak Runs Into Fuel Pain on the Street

The naira is flexing muscles that economists didn't expect post-rate-cut. GBP/NGN settled at N1,762/£ in mid-week official trading, down from N1,800/£ earlier this month and well off January's N1,948/£ — all while the CBN has been cutting rates. Gross external reserves sitting at $55 billion, a multi-year high, are giving the central bank serious firepower to defend the currency. Meanwhile, Nigeria's raw material trade balance just pulled off a decade-defying reversal: a...