Naira rally won’t last, Strong SA Data, Zambia Inflation
High commodity prices have continued to support the Nigerian naira, but we don’t think this will continue. For the Zambian kwacha, heightened post-election political uncertainty is a key risk that could wind its recent gains. And in South Africa, while we think the rand won't hold onto all its recent gains, the disinflation impact from its recent appreciation should prevent the Reserve Bank from hiking rates again.
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