Currencies have fared no better at a time when the Federal Reserve has raised policy rates to levels not seen in decades.
Nigeria embarked on painful – but necessary – moves to end capital controls and let the Naira find its true value. That’s reflected in the 75% fall in the formal market, closing the gap between rates there and in the parallel market by a significant margin.
Egypt devalued its pound, but authorities there have refused to let it weaken further, at a time when inflation is well over 40%.
