Amid signs that the removal of fuel subsidies and devaluation of the naira are weighing on Nigeria’s economy, comments from President Tinubu and potential cabinet members this week reinforced our fears that there has not been a clean break from Buharinomics. Survey figures released from South Africa this week add to a raft of evidence that activity continues to struggle which, alongside signs that price pressures have continued to ease, means that the SARB’s next move will be a cut (rather than a hike).
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