According to Goldman Sachs, frontier nations like Egypt, Pakistan, Lebanon, Zimbabwe, Nigeria, and Angola should further devalue their currencies amid an erosion of FX reserves across frontier markets. Notably, Nigeria is the only country among these that has devalued its currency sufficiently. In Malawi, the central bank is running periodic sales to establish a market exchange rate, while Burundi has devalued its currency after reaching an agreement with the IMF and is replacing high-value bills to manage the currency supply better.