Africa's Falling Currencies 

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%.