More ‘Buharinomics’, signs of Q2 rebound in Nigeria, SA

Despite fears to the contrary, calls this week by Nigerian President Muhammadu Buhari to tighten restrictions on access to foreign currency are likely to have little effect on inflation. But they raise further question marks about the central bank’s independence. We think that data due next week will show that Nigerian GDP growth strengthened to 2.5% y/y in Q2. And the latest activity data suggest that the region’s second biggest economy, South Africa, returned to growth in Q2.