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Sinking Currencies Reflect Grim African Prospects

A slump in commodity prices and flight by global investors from risky "frontier" markets has hammered currencies and state budgets across Africa, increasing dollar borrowing costs and raising the prospect of political instability. From Nigeria and Ghana in the west to Kenya in the east and South Africa and Zambia in the south, currencies have all fallen against the dollar, and in many cases crashed through historic lows plumbed in the 2008-09 financial crisis. Things took a...

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