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South African rand's downfall accelerates
South Africa's economy is facing significant challenges, including an energy crisis, low economic growth, and a weakening currency. Despite raising interest rates to combat inflation and support the currency, the south african rand remains weak. Rate hikes are further impacting the already slowing economic activity, making it difficult for the country's central bank to find a solution. Nigeria is also facing currency troubles, with expectations of devaluing the naira by about 15% due to declining forex reserves, complicating the country's prospects.
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