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Nigeria naira sheds 0.27pc as oil price continues to fall LAGOS: Nigeria naira slipped 0.27 percent on Monday amid a shortage of dollars on the interbank market, as higher demand coupled with declining global oil prices raised doubts about the central bank's ability to support the local currency.The naira closed at 163.85 to the dollar, below the three-month low of 163.45 naira it touched a week ago. The naira closed at 163.40 on Friday. "Dollar demand from politicians holding their assets in hard currency ahead of elections next year has increased pressure on the local currency," one dealer said. The central bank was selling dollars directly on the interbank market to try to prop up the currency, which has shed almost 3.5 percent this year, for most of last week.On Monday, the local unit of Royal Dutch Shell sold an undisclosed amount of dollars to some lenders, which was not enough to support the naira.The naira has "depreciated substantially" on ...

Dollar demand weighs down Kenyan shilling, shares surge NAIROBI: Kenya's shilling weakened on Monday after importers sought to buy dollars, partly unwinding a strengthening seen at the end of last week when the central bank intervened. The benchmark share index at the Nairobi bourse surged 1.86 percent, driven by demand from local investors pulled in by a recent rally in shares. At the 1300 GMT close of trade, leading banks posted the shilling at 88.80/90 per dollar, down from Friday's close of 88.50/60.The ...
South Africa's rand hit as commodity currencies suffer JOHANNESBURG: South Africa's rand fell to seven-month lows against the dollar on Monday as commodity-linked currencies bore the brunt of expected weak growth in China, the world's largest consumer of raw materials.The rand has been on the back foot in recent weeks and was extending losses linked to South Africa's own poor economic fundamentals. This week sentiment is expected to be spearheaded from abroad.Emerging markets began the week on depressed tone after comments from China's ...
Ugandan shilling stable, seen firming on liquidity mop up KAMPALA: The Ugandan shilling was unchanged on Monday, but traders said it was seen firming slightly due to the central bank's action of mopping up excess liquidity from the market. At 0847 GMT commercial banks quoted the shilling at 2,620/2,630, little-changed from Friday's close of 2,621/2,631. The Bank of Uganda or central bank on Monday sought to mop up excess liquidity via repurchase agreements, but it was not immediately clear how much shillings were taken ...
Egyptian pound steady on official market, weakens on black market CAIRO: Egypt's pound held steady at a central bank dollar sale on Monday, with the bank saying it sold $38.4 million at a cut-off price of 7.1401 pounds per dollar, unchanged from Thursday's rate.In the unofficial market, the pound was weaker, trading at 7.44 to the dollar, compared to 7.35 on Thursday.The rate for dollar sales has stayed in a tight range since the beginning of June, after the bank allowed the pound to weaken ...
Kenya shilling under pressure again after central bank action NAIROBI: Kenya's shilling weakened on Monday in a quiet start to the week's trading after the central bank intervened to support the currency by selling dollars in the two previous sessions.A downturn in the tourism industry, after a spate of bomb and gun attacks along the coast and in the capital this year, has hurt one of the east African country's major sources of hard currency.At 0752 GMT, the shilling was trading at 88.70/80 to ...
South Africa's rand seen stable in data-dry week JOHANNESBURG: South Africa's rand steadied against the dollar on Monday, with traders and analysts expecting it to drift in a narrow range in a week bereft of market moving data and interrupted by a public holiday on Wednesday.Market nerves were on an even keel after Reserve Bank Governor Gill Marcus announced last week she would not take up a second five year term in office.Most participants were betting that one of her deputies would succeed ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln