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Wage talks in SA, Nigeria tightens FX restrictions

Mounting trade union pressure on South Africa’s government and state-owned enterprises to increase salaries poses a serious threat to the government’s fiscal austerity plans and any signs that the government will cave in would probably lead to a backlash in the bond market. In Nigeria, the latest decision by the central bank to restrict the use of foreign currency for certain imports may ultimately put further upward pressure on inflation.

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