Forex: Kenya’s foreign exchange level drops below the central bank’s statutory requirement. Fixed Income: Ghana shows signs of fiscal constraint, but fiscal distress risks remain acute. Macroeconomic: Oil’s contribution to Nigeria’s economy has almos...

Forex: Weaker Ghanaian cedi compounding inflationary pressures in the productive sector. Fixed Income: Ethiopian bonds outshine as peace is restored in the country. Macroeconomic: Nigeria’s forex issues are one of the main drags on its credit rating....

Forex: Kenyan shilling remains overvalued on a real effective exchange rate basis. Fixed Income: Emerging market assets are regaining their shine. Macroeconomic: Inflation pressures in Africa remain robust but are expected to ease from March 2023.

Forex: Nigeria’s foreign exchange reserves drop for a third straight month. Fixed Income: Fed delivers a relatively hawkish 75bps rate hike. Macroeconomic: Falling freight rates should help ease inflation pressures.

Forex: Central Bank of Egypt plans currency revamp. Fixed Income: Rout in African bonds deepens. Macroeconomic: Commodity prices unlikely to return to pre-pandemic levels in the near-term.

Forex: Ghanaian cedi sell-off persists amid debt concerns. Fixed Income: Nigeria slips further down the rating ranks. Macroeconomic: African central banks have a tight line to walk to bring inflation under control.