FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Standard Chartered notes.....
- For portfolio flows to resume, USD-NGN will need to move to a higher and moresustainable level. While we think the CBN will eventually allow this adjustment, and see USD-NGN reaching 220 in Q3-2015, this seems unlikely for now.
- Thus we expect the CBN to pursue its special intervention FX auctions at an exchange rate of around 197, and the US dollar (USD) demand backlog to persist.
- The risk to an orderly devaluation process later this year comes from the rapid decline in FX reserves (USD 30.0bn on a 30-day moving average basis on 20 March) associated with the current FX stance.
- Furthermore, fiscal and external fundamentals are likely to remain under pressure given the much lower oil price, even though we expect it to recover in H2-2015.
