08292016Mon
Last update: Mon, 29 Aug 2016 10am

Middle East & Africa

Markets - FXMM - Middle East & Africa

Nigeria's naira hits post-peg black market low of 400 LAGOS: Nigeria's naira hit 400 against the dollar on the black market on Friday, bureaux de change traders said, falling to its lowest since the central bank floated the currency in June. On the official interbank market, the naira ended at 311 per dollar, 0.3 percent weaker, after trades worth $12.63 million. The naira has dropped steadily on the black market this week after opening at 381 on Monday. Traders say dollar demand has been high from individuals travelling abroad for their summer holidays. The central bank has told international money transfer operators to pay dollar proceeds from customer transfers into local commercial banks in naira, while selling the dollars themselves to bureaux de change outlets.The bank hopes the move will help narrow the gulf between the official and black market rates and boost dollar liquidity, traders say.It had hoped that the need for a black market would be erased ...

Markets - FXMM - Middle East & Africa

South Africa rand hits 9-month high as poll results trickle in, stocks flat JOHANNESBURG: South Africa's rand hit a nine-month high against the dollar and government bonds firmed on Thursday as the smooth local elections and expectations of continued low interest rates abroad boosted sentiment. Stocks ended flat on Thursday as gold mining companies, which benefit from rand weakness, retreated in the face of the currency's gains, while paper maker Sappi surrendered earlier hefty gains on stellar results. At 1510 GMT, the rand traded at 13.7650 per dollar, ...

Markets - FXMM - Middle East & Africa

South Africa's rand, stocks slip ahead of elections JOHANNESBURG: South Africa's rand lost some ground against the US dollar on Tuesday with traders taking a cautious stance ahead of local government elections on Wednesday and global economic data later in the week. Stocks slipped to an almost two-week low on Tuesday with financials among the biggest decliners on the index but gold mining companies kept the downside momentum in check. At 1500 GMT, the rand traded at 13.9650 per dollar, 0.33 percent softer ...

Markets - FXMM - Middle East & Africa

South Africa's rand retreats, stocks end higher as financials climb JOHANNESBURG: South Africa's rand retreated on Monday, surrendering recent gains as some investors cashed in profits from the previous week's rally to nine months highs. Stocks were higher, buoyed mostly by financials shares. By 1530 GMT the rand had slipped 0.22 percent to 13.9200 per dollar, compared to a close at 13.8900 in New York on Friday. Traders said the rand was likely to resume gains into the week given the current low yield environment ...

Markets - FXMM - Middle East & Africa

Egyptian pound firms on black market after IMF loan announcement CAIRO: The Egyptian pound strengthened on the black market on Thursday, two days after the government announced it was in talks to secure a $12 billion IMF loan package that could ease a dollar shortage and bring economic reforms. Egypt announced on Tuesday it was in the final stages of negotiations with the International Monetary Fund for a three-year loan package to plug a funding gap and stabilise markets.Facing a dollar shortage since a 2011 ...

Markets - FXMM - Middle East & Africa

South Africa's rand up and stocks down as SABMiller slips JOHANNESBURG: South Africa's rand strengthened against the dollar on Thursday in a broad rally by emerging assets after the US central bank left interest rates unchanged on Wednesday.Stocks ended lower with SABMiller slipping after the brewer paused the integration of its businesses with those of its acquirer AB InBev. By 1600 GMT, the rand had gained 0.5 percent to 14.1875 per dollar, shaking off lukewarm unemployment data to resume a forward run that traders bet ...

Markets - FXMM - Middle East & Africa

Nigerian naira hits all-time low of 334.50 per dollar ABUJA: Nigeria naira weakened to an all-time low of 334.50 against the dollar on the interbank market on Wednesday, a day after the central bank hiked interest rates to try to lure foreign investors back into local assets, traders said.The naira fell 5.8 percent on Wednesday from its opening rate, and $10 million was traded at the new record low.Traders said investors were pushing the currency lower to test the limit of how far it ...