Based on gross domestic product, the size of South Africa’s economy is $301 billion at the rand’s current exchange rate, while Nigeria’s GDP is $296 billion.
The South African currency gained more than 16 percent against the dollar since the start of 2016, and Nigeria’s naira lost more than a third of its value after the central bank removed a currency peg in June.
The Nigerian economy shrank by 0.4% in the three months through March from a year earlier amid low oil prices and output and shortage of foreign currency.
However, both countries face the risk of a recession after contracting in the first quarter of the year.
Local stocks fell, out of step with a global equities rally, as the currency rally took its toll on shares in companies that make most of their money in foreign earnings.