Nigerian policymakers kept their key rate on hold today, but tinkered with the cash reserve ratio in an effort to put a floor under falling interbank rates. Elsewhere, South Africa’s reform-minded president seemed to gain the upper hand over intra-party rivals this week. And while the closure of another refinery highlighted the problems facing Zambia’s miners, we doubt that conditions in the sector will remain as grim as they were in 2019.
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