06282016Tue
Last update: Tue, 28 Jun 2016 01am

Middle East & Africa

Markets - FXMM - Middle East & Africa

Nigeria's naira weakens vs dollar in NDF market ahead of new FX regime LONDON: Nigeria's naira slipped across the curve against the dollar in non-deliverable forward markets on Monday, with one-month contracts hitting a fresh record on before the introduction of a new foreign currency regime later in the day.One-month non-deliverable forwards showed the naira weakening to 305 per dollar, while the two-month contract traded at 310 per dollar - matching a record it hit on Friday.The one-year contract showed the naira at 351 to the dollar .Nigeria said it would abandon its 16-month-old dollar peg and move to a "managed float" on Monday in a move that could see the naira lose around a third of its value when market trading begins. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Rand firms as easing Brexit risk buoys emerging currencies JOHANNESBURG: South Africa's rand strengthened as much as 1.3 percent against the dollar on Monday, buoyed along with other emerging market currencies by lessening fears of Britain voting to leave the European Union.It rallied to 14.9900/dollar, its strongest for a week, and was up 1.2 percent at 15.0100 by 0644 GMT, compared with Friday's close of 15.1950, as investors' appetite for risk improved.The rand took its cue from Asian markets which gained across the board ...

Markets - FXMM - Middle East & Africa

Nigeria's naira to lose up to a third of its value on Monday after float JOHANNESBURG: Nigeria's naira will lose around a third of its value after the central bank floats the currency and adopts a new market-driven trading regime on Monday, a Reuters poll found. The naira has been pegged at 197 to the US dollar for the past 16 months but the currency trades at around 355 on the parallel market as a slump in oil revenues has hammered public finances and foreign currency reserves. On Wednesday the ...

Markets - FXMM - Middle East & Africa

Nigeria naira firms 2.8pc on parallel market after FX reforms LAGOS: Nigeria naira firmed to 355 to the dollar on the parallel market on Friday, up 2.8 percent from the previous day after the central bank introduced reforms designed to relaunch interbank currency trading and attract foreign investors. The naira traded at a volume of $1 million at the pegged rate of 197 naira on the official interbank market on Friday, traders say, adding it was carryover trades from previous deals. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Ugandan shilling loses ground on reduced inflows KAMPALA: The Ugandan shilling weakened on Friday, undermined by a dip in hard currency inflows from charities in the face of rising demand from commercial banks and offshore players.At 0941 GMT, commercial banks quoted the shilling at 3,355/3,365, weaker than Thursday's close of 3,347/3,357. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

No new dollar-naira trades done on Thursday LAGOS: Nigeria's central bank has not done any new dollar-naira trades on the interbank market on Thursday and did $13.6 million of carryover trades at about the pegged rate of 197.5 naira, an official said.The central bank on Wednesday said it would begin open-market foreign currency trading next week, abandoning its 16-month-old peg against the dollar and setting the stage for the naira to fall sharply.Dealers said they expected no interbank currency market activity until ...

Markets - FXMM - Middle East & Africa

Nigerian banking shares rise 3.3pc ahead of new FX rule LAGOS: Nigerian banking shares rose 3.3 percent in early trades on Wednesday ahead of the announcement of the central bank's new forex policy, aimed at luring foreign investors. Domestic investors snapped up shares in the relatively-liquid banking sector in anticipation that the new policy will help generate additional foreign currency business which had dried up under the pegged currency regime.The central bank last month announced plans to abandon the naira's 15-month peg to the dollar ...