MONEY MAT­TERS

CityPress - - Business - PHOTO: AP

A mon­ey­changer counts Nige­rian naira at a bureau de change in La­gos. Th­ese are sober­ing times for Africa’s two big­gest oil pro­duc­ers. Pre­vi­ously, oil pro­vided 80% of govern­ment rev­enue in Nige­ria and 70% in An­gola. Nige­ria’s 2016 bud­get is dou­ble that of 2015 and it has bench­marked its crude oil price at $38 a bar­rel – so govern­ment will have to bor­row heav­ily. An­gola has bud­geted a $40-a-bar­rel price, down from an ear­lier bench­mark of $81 a bar­rel. Both coun­tries’ cur­ren­cies have plunged against the dol­lar

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