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Nigeria's naira leads emerging market losses LONDON: The naira fell 2 percent on Wednesday and currency forwards priced in more devaluation to come as Nigeria's political and security crisis escalates, while other emerging markets also retreated in face of a stronger dollar.The naira is down more than 10 percent against the dollar this year despite repeated central bank interventions, weighed on by the postponement of Feb. 14 elections, weak oil prices and an Islamist insurgency. Standard and Poor's on Tuesday placed Nigeria on creditwatch negative.One-year non-deliverable forwards priced the naira at 268 per dollar."Investors are waiting for another formal devaluation. The question is can the central bank hold on until elections before making the move?," Renaissance Capital's head of research, Charles Robertson, said.The jump in overnight bank funding costs to 100 percent highlighted the strain on the currency regime, he said.On stocks and bonds, the Lagos equity index, one of the main components of the MSCI ...

Euro weakens with focus on Greek debt talks LONDON: The euro hit a seven-year low against the pound on Wednesday before a euro zone finance ministers' meeting that will discuss Greece, with any failure to find common ground on the country's debt burden likely to see volatile trading.The dollar, meanwhile, hit a one-month high against the yen, bolstered by a rise in Treasury yields. Trade was thin, with Japanese markets closed for a public holiday.Greek Finance Minister Yanis Varoufakis will present to the ...
Turkish lira slides to record dollar low ISTANBUL: Turkey's embattled lira hit a new all-time low in value against the dollar on Tuesday as the country's central bank comes under government pressure to cut interest rates. The lira lost 1.2 percent to trade at 2.5048 to the dollar, weakening to a second record low in as many days and breaking through the psychological 2.5 barrier. Against the euro, the currency lost 0.8 percent in value to trade at 2.8293 lira to the ...
Turkish lira slides to record dollar low ISTANBUL: Turkey's embattled lira hit a new all-time low in value against the dollar on Tuesday as the country's central bank comes under government pressure to cut interest rates. The lira lost 1.2 percent to trade at 2.5048 to the dollar, weakening to a second record low in as many days and breaking through the psychological 2.5 barrier. Against the euro, the currency lost 0.8 percent in value to trade at 2.8293 lira to the ...
Pound rises on strong manufacturing data, eyes on Inflation Report LONDON: Sterling rose towards a seven-year high against the euro on Tuesday as stronger-than-expected UK manufacturing data bolstered robust private-sector surveys last week.Though overall industrial output slowed at the end of last year, manufacturing output rose 0.1 percent in December after growing 0.8 percent on the month in November. A Reuters poll had predicted a 0.1 percent decline in December.Separate data from the National Institute of Economic and Social Research also showed Britain's economic recovery ...
Turkish lira hits second record low this week as Greece, Russia concerns weigh ISTANBUL: Turkey's lira weakened to its second record low in two days on Tuesday, in line with other emerging market currencies weighed down by concerns over progress on a potential new debt deal for Greece and Russian involvement in the conflict in Ukraine.The head of the Kremlin's Security Council was quoted as saying on Tuesday that the United States was trying to drag Russia into the Ukrainian conflict to try to force a change of ...
Dollar jumps on yield play, eyes on Greece LONDON: The dollar strengthened on Tuesday on the back of broadly higher U.S. Treasury yields while the euro was buffeted by official comments and media reports on the progress of discussions over a new debt deal for Greece.The euro sank below $1.13 in morning trade in Europe but it recovered almost half a cent around midday London time after a report said European officials would make a compromise proposal to give Athens another six months ...

 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyDecember
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln