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Naira plunges, SA budget, Uganda/Kenya late cuts

The devaluation of the naira this week may be a sign that there’s fresh impetus to Nigeria’s policy shift, which had been stalling. A key test will come at the (long-overdue) central bank meeting later this month. Elsewhere, South Africa’s budget data for December provided more evidence that the public finances are in trouble, but this hasn’t halted the government’s spending plans. Finally, inflation in Uganda and Kenya picked up last month, suggesting that interest rate cuts are still some way off in both countries.

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