Nigeria, April 23 -- Has the love, or even more so the fixation, gone with the US dollar, that all cushioning reserve currency that has shown itself unimpeachable for decades? A curious event teasing and ruffling currency watchers and financiers is becoming a pattern: the US dollar is being sold off, suggesting it has lost its princely shine. To this can also be added the sale of US Treasuries.

Even before the global imposition of Donald Trump's tariff-driven bonanza and his public bruising of Federal Reserve chairman, Jerome Powell, the world's dominant currency was already being moved on. Since 2014, the Chinese and Russian central banks have tried to move out of US Treasury holdings, preferring the magic of gold. In 2022, the latter w...