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Middle East & Africa


Nigeria naira closes at record low, despite intervention LAGOS: Nigeria's naira ended at a record closing low on Monday, despite central bank intervention, as the currency continued to weaken on strong demand for the greenback, dealers said.The unit closed at 191.10, a new record low against the U.S. dollar, compared with Friday's record low close of 190.60 naira. One dealer traded the naira at a one-off rate of 194.10 during mid-day session.The currency had initially gained 1.66 percent to 186.80 naira after the central bank and two oil companies sold dollars to lift the naira, before it then slipped into negative territory.The naira has hit a string of record lows as dollar liquidity on the interbank forex market thins out amidst a collapse in the price of oil, Nigeria's main export.Dealers said Total offered to sell $80 million to some lenders on Monday while Shell sold an undisclosed amount of dollars, to buy naira for their local operations.Copyright ...

Kenyan shilling steady, stocks inch lower NAIROBI: The Kenyan shilling was little changed on Monday as tight liquidity continued to lend support to the local currency. Stocks inched lower.At the 1300 GMT close, banks quoted the shilling at 91.70/75 to the dollar, barely changed from Friday's close of 91.70/80.A trader at one Nairobi-based commercial bank said the shilling was stuck in a five cent range throughout the day, trading in low volumes amid a shortage of the local currency."The money market ...
South Africa's rand weakens as power utility raises red flag on supply JOHANNESBURG: South Africa's rand weakened against the dollar on Monday, largely weighed down by power utility Eskom's warning of deeper power cuts that are likely to dampen investor sentiment.Government bonds also snapped four days of gains and yields edged higher after sliding last week in the wake of the European Central Bank's larger-than-expected stimulus package.At 1525 GMT, the rand was trading at 11.4495 to the greenback, down 0.25 percent from Friday's close in New York.Government ...
Egypt's pound weakens to new low of 7.43 per dollar: central bank CAIRO: Egypt's pound weakened to 7.43 per dollar from 7.39 at a central bank auction on Monday, the weakest level it has been allowed to reach since auctions began in December 2012.It was the sixth consecutive official depreciation in the past week, prompted by the gap between the black market and the official rate.The bank offered 40 million dollars and sold 38.4 million at a cut-off price of 7.4301 pounds per dollar, the central bank ...
Nigeria naira nears record intraday low against dollar LAGOS: Nigeria's naira traded near a record intraday low on Monday as demand for the greenback met with thin liquidity, dealers said.The currency initially lifted from Friday's close, then slipped into weaker territory.A dealer traded the naira at a one-off rate of 194.10 to the dollar before the unit settled at 191.35 naira at 1118 GMT, close to a record intraday low of 191.97 it hit last week. The naira closed on Friday at a ...
South Africa's rand stable, bonds edge higher ahead of MPC JOHANNESBURG: South Africa's rand was stable against the dollar early on Monday while bond yields hovered near 20-month lows, as emerging markets continued to benefit from the European Central Bank's larger-than-expected stimulus package.On the local front, traders and investors awaited Thursday's interest rate decision, with all 37 economists surveyed by Reuters last week predicting the Reserve Bank would hold interest rates at 5.75 percent.On Monday, the yield on the 2026 benchmark revisited last week's low ...
Nigeria naira closes at record low despite central bank support LAGOS: Nigeria's naira closed at a record closing low of 190.60 to the dollar on Friday, despite the central bank intervening for a fifth day this week to prop up the currency, dealers said.The naira, which has been hard hit by falling oil prices, fell 1.2 percent against the dollar, from the previous day's close of 188.35 naira. Copyright Reuters, 2015 ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln