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Last update: Sat, 01 Oct 2016 10pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

Nigerian naira hits new low as dollar shortage persists LAGOS: Nigeria's naira tumbled more than five percent to another record low against the dollar on the black market on Thursday, as a dollar shortage persisted.Low prices for oil, the country's top foreign currency earner, have drained the country's forex reserves, which hit an 11-year-low of $24.61 billion on Tuesday. "Dollar is very scarce in the market right now because many people don't know how low it will fall in the near term, so people are holding on to their hard currencies in order to watch the direction of the market," one dealer said. Traders from neighbouring countries and some importers had also been moving in recently, mopping up dollars and putting pressure on the naira in a possible speculative bid, Aminu Gwadabe, president of the association of bureau de change operators told Reuters. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Saudi riyal falls, bond may be delayed after US Congress vote DUBAI: The Saudi riyal fell against the U.S. dollar in the forward foreign exchange market on Thursday after the U.S. Congress voted to allow relatives of victims of the Sept. 11 attacks to sue Saudi Arabia.Any legal action could take years to wind through the U.S. court system, and analysts said there might be little if any impact on the Saudi economy or state finances. But the decision by Congress was an unwelcome reminder of ...

Markets - FXMM - Middle East & Africa

Saudi riyal falls in forwards market after US Congress vote DUBAI: The Saudi riyal fell moderately against the U.S. dollar in the forwards market on Thursday after the U.S. Congress voted to allow relatives of victims of the Sept. 11 attacks to sue Saudi Arabia.The Senate and House of Representatives voted overwhelmingly on Wednesday to override President Barack Obama's veto of legislation permitting such lawsuits. The law grants an exception to the legal principle of sovereign immunity in cases of terrorism on U.S. soil, clearing ...

Markets - FXMM - Middle East & Africa

Nigerian naira hits new record low of 460 per dollar on black market LAGOS: The Nigerian naira plunged further to a new record low on Wednesday, down 1.76 percent against the dollar on the parallel market even as dollar supplies dry up. The local currency fell to 460 to the dollar on the black market, down from 452 at the close of trading on Tuesday. Though the naira closed at 305.50 to the dollar on the official interbank market against 305 a dollar the previous day, traders said ...

Markets - FXMM - Middle East & Africa

Egypt pound steady at regular dollar sale, weaker on black market CAIRO: Egypt's central bank held the pound steady against the dollar at its regular foreign currency sale on Tuesday, while the currency weakened on the black market. The bank sold $118.6 million at an unchanged rate of 8.78 per dollar. On the black market, four traders said they were selling dollars at a range between 13.05-13.10 pounds per dollar, weaker than last week's 12.8. They did not give volumes of trade. Egypt is facing an ...

Markets - FXMM - Middle East & Africa

Nigerian naira hits record low on black market LAGOS: The Nigerian naira fell 1.1 percent to a record low of 445 to the dollar on the black market on Monday as the dollar woes of Africa's biggest economy persist. Traders said that speculators and strong demand from parents buying dollars to pay school fees abroad are putting pressure on the Nigerian currency, though the president of the association of bureau de change operators, Aminu Gwadabe, said the rate is not a true reflection ...

Markets - FXMM - Middle East & Africa

Kenyan shilling firms, helped by charity, investor dollar inflows NAIROBI: The Kenyan shilling firmed slightly on Friday, drawing support from dollar inflows from non-governmental organisations and offshore investors seeking to buy government securities, traders said.Copyright Reuters, 2016 ...