In this Watch we outline our key views on African currencies in 2016. First, we expect that both the Angolan kwanza and Nigerian naira will be devalued. Second, we expect that the rand will weaken sharply, ending the year at around ZAR18/US$. We also highlight the significant risk of a currency crisis among the continent’s smaller economies – the Ugandan shilling and Zambian kwacha look particularly risky.
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