Egypt’s FX reserves overtakes Nigeria

Are you paying attention, Nigeria? Egypt’s net FX reserves overtook Nigeria’s for the first time since 2011, Paul Wallace writes for Bloomberg. Egypt’s reserves reached USD 31.1 bn in May, with inflows reaching USD 7.5 bn, speeding up considerably since the central bank adopted a full float of the EGP. Nigeria’s central bank is trying its hand at a managed float and saw its reserves fall 2.3% in May, the lesson here being obvious.