Nigeria ways & means, Ethiopia devaluation, SA PMI

Nigeria’s government increased the limit of its Ways and Means facility this week, raising concerns that officials are resorting to their bad old ways of deficit monetisation. If tapped persistently like before, the job of getting inflation and down and stabilising the naira will only become harder. Elsewhere, Ethiopia’s devaluation of its currency and an IMF deal should accelerate its debt talks, but the government may struggle to stick to fiscal austerity much like its peers. Finally, the surge in South Africa’s PMI for June provided hopeful signs the economy may finally be turning a corner.