09272016Tue
Last update: Tue, 27 Sep 2016 01am

Middle East & Africa

Markets - FXMM - Middle East & Africa

Nigeria's naira hits record low of 409 to dollar on black market LAGOS: Nigeria's naira was quoted at an all-time low of 409 per dollar on the parallel market on Thursday, compared with 402 per dollar at close on the previous day as dollar shortage bite harder in Africa's top crude producer.Traders said the local currency fell due to increase demand for the dollar which they are unable to match with weak supply and the impact of the suspension of some commercial lenders from forex transaction by the central bank on Tuesday.The central bank suspended nine banks from forex transactions on Tuesday for failing to remit money owed to the government, but re-admitted one of them on Thursday after it remitted the fund."The suspension of some banks from transaction in the forex market has really increased pressure on the market," said Aminu Gwadabe president of Bureaux de change association.He said most of Bureaux de change have their accounts with the banks suspended ...

Markets - FXMM - Middle East & Africa

Kenya, Uganda shillings seen easing, Zambia kwacha to firm NAIROBI: Kenya's and Uganda's shillings are seen easing in the next week to Thursday due to importer dollar demand from energy companies, while the Zambian kwacha is seen firming, traders said.KENYAKenya's shilling is seen easing, undermined by importer dollar demand from the energy sector, traders said.At 1010 GMT, commercial banks quoted the shilling at 101.30/50 to the dollar, compared with last Thursday's close of 101.45/55."Because this is going to be the end-of-month week, I still ...

Markets - FXMM - Middle East & Africa

Egyptian pound stable at regular dollar sale and on black market CAIRO: Egypt's central bank held the pound steady against the dollar at its regular foreign currency sale on Tuesday as the currency remained stable on the black market.The bank sold $118 million at an unchanged rate of 8.78 per dollar.Egypt is facing an acute dollar shortage that sent its foreign reserves down to $15.5 billion in July, near a critical level that would cover only three months of imports.A widening gap between official and black ...

Markets - FXMM - Middle East & Africa

Nigeria's naira gains 0.8pc after central bank dollar sales LAGOS: Nigeria's naira closed firmer on the interbank market on Monday after the central bank sold dollars to some commercial lenders towards the end of a session that featured no trades in the first four hours, traders said. The naira closed at 305.50 to the dollar, 0.81 percent firmer than its Friday close. Traders said the central bank selectively sold dollars to commercial lenders just before the market close. "The central bank came to the ...

Markets - FXMM - Middle East & Africa

South Africa's rand falls on US rate hike prospects JOHANNESBURG: South Africa's rand weakened against the US dollar in early trade on Monday, hurt by subdued risk appetite as investors began to price in a greater likelihood that the Federal Reserve will raise interest rates this year.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

South Africa's rand gains as U.S rate hike worries fade, stocks up on financials JOHANNESBURG: South Africa's rand edged firmer on Thursday along with fellow emerging currencies as risk assets regained favour after minutes from the United States central bank dampened bets of an interest rate hike this year.Stocks were lifted by financials with Standard Bank at the head after reporting better than expected results.By 1600 GMT the rand was 0.2 percent firmer at 13.3455 per dollar, compared with the close at 13.3700 overnight in New York.A lack of ...

Markets - FXMM - Middle East & Africa

South Africa's rand slips as investors bet on US rate rise JOHANNESBURG: South Africa's rand retreated further against the dollar on Wednesday as risk sentiment switched, with investors now seeing a greater chance of rate rises in the United States. Stocks were little changed despite sharp gains by Naspers after its Chinese investment Tencent Holdings reported higher profits. By 1549 GMT, the rand had weakened 0.63 percent to 13.4890 per dollar, its weakest level in two sessions, slipping further away from technical resistance around 13.3000. The ...