12052016Mon
Last update: Mon, 05 Dec 2016 01pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

Nigeria naira ends at 305 after central bank dollar sales LAGOS: Nigeria's central bank intervened on Monday with dollar sales to support the naira, which ended at 305.50 per dollar, a range it has closed at for nearly two months, traders said. Traders said the bank, which has been selling dollars regularly to prop up the currency, sold around $1.5 million towards the close of Monday's trade after the market was open for nearly four hours with no deals. The naira was quoted at 455 to the dollar on the black market on Monday, firmer than 460 at its previous session, as international money transfer operators had started to sell dollars to retail currency outlets.The currency had weakened to a record low of 495 per dollar on the black market last month. The bank held a dollar forward auction last Friday to clear a backlog of demand from airlines, manufacturers and other companies, as the country's currency crisis deepened. Result ...

Markets - FXMM - Middle East & Africa

WEEKAHEAD-AFRICA-FX- Tanzanian shilling seen stable, Kenyan shilling to strengthen DAR ES SALAAM: The Tanzanian shilling is expected to remain stable next week due to sapped demand for US dollars, while the Kenyan shilling is expected to find support from foreign exchange inflows.TANZANIA The Tanzanian shilling is forecast to remain stable next week with a slowdown in demand for US dollars from importers. Commercial banks quoted the shilling at 2,178/2,188 to the dollar on Thursday, unchanged from a week ago. "There isn't much activity in ...

Markets - FXMM - Middle East & Africa

FX-Zambia kwacha seen firming, Uganda shilling to weaken NAIROBI: The Zambian Kwacha is seen firming against the dollar in the next week to Thursday, while Nigeria's naira and Kenya's shilling are seen holding steady, traders said. KENYA The Kenyan shilling is expected to remain stable in the coming week although dollar sales from multi-national companies buying shillings to pay tax obligations could offer a boost, traders said. At 1100 GMT, commercial banks quoted the shilling at 101.15/35 to the dollar, compared with 101.25/35 ...

Markets - FXMM - Middle East & Africa

South Africa's rand flat as market awaits US jobs data for steer JOHANNESBURG: South Africa's rand was largely unchanged against the dollar in early trade on Thursday, as investors awaited U.S. job numbers, which could impact appetite for emerging markets by giving pointers on the timing of the next U.S. interest rate hike. Rand eases just 0.11 percent to trade at 13.7300/dollar by 0651 GMT after closing Wednesday's session in New York at 13.7150.Government debt also mostly flat, with yield for 10-year paper dipping half a basis ...

Markets - FXMM - Middle East & Africa

Egypt keeps pound steady at dollar sale despite devaluation talk CAIRO: Egypt's central bank kept the Egyptian pound steady against the dollar at Tuesday's weekly auction of foreign currency, bankers said, confounding expectations of a devaluation that had helped fuel a stock market surge. The central bank said it would sell its usual ration of $120 million at the weekly sale. It usually publishes the exchange rate at the end of the sale, but bankers said they were buying at the current official rate of ...

Markets - FXMM - Middle East & Africa

South Africa's rand gains ground on increased risk appetite, stocks down JOHANNESBURG: South Africa's rand and bonds firmed on Monday after the finance minister said the economy may be over the worst of its downturn and took a further boost from upbeat Chinese manufacturing data.Stocks were weaker as gold mining firms weighed on the bourse. By 1607 GMT the rand had firmed 0.56 percent to 13.6425 per dollar, paring earlier gains that had taken it to 13.5500. "The rand edged stronger against the greenback during Monday's ...

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 ...