SA’s slump, SOE problems, naira still struggling

The activity figures coming out of South Africa continue to make for depressing reading and the economic slump is causing growing problems at SOEs. Eskom remains the main risk for the public finances, which are on an alarming trajectory. Elsewhere, the rise in oil prices has supported Nigeria’s stock market, but not the naira, which still looks overvalued. Policymakers will have to loosen their grip on the currency.