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Last update: Mon, 23 Jan 2017 09pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

Nigerian security agents raid black market FX dealers to stop slide of naira LAGOS: Nigerian security agents raided the offices of black market currency dealers on Thursday, detaining some dealers and ordering others to sell dollars at a lower rate in a bid to break the fall of the currency, dealers said. The central bank has been unable to stop the naira's slide on the black market, where importers go to buy dollars due to severe hard currency shortages in Africa's biggest economy. Nigeria has been hammered by a slump in prices for oil, a key source of revenue - in the form of dollars. The bank has kept the official naira rate to the dollar artificially high, effectively driving hard currency dealing away from commercial lenders and towards the black market, the real benchmark. "The police and state security service officials are raiding black marketers in Lagos and Abuja to compel an appreciation of the naira," Mallam Adamu, a bureau de change ...

Markets - FXMM - Middle East & Africa

South Africa's rand slumps as Trump wins US election JOHANNESBURG: South Africa's rand tumbled as much as four percent on Wednesday along with other emerging market currencies after investors were rattled by a shock win for Republican Donald Trump in the fiercely-contested US election.Trump scored a surprising win over Democrat Hillary Clinton, opening a path to the White House for the political outsider seen as a risk to global growth as he has pledged to renegotiate trade deals, impose high import tariffs and stirred ...

Markets - FXMM - Middle East & Africa

Ugandan shilling firms on dollar inflows from charities KAMPALA: The Ugandan shilling recouped some of its losses over the last few days on Tuesday, buoyed by dollar inflows from non-governmental organisations, traders said.At 1005 GMT commercial banks quoted the shilling at 3,495/3,505, stronger than Monday's close of 3,510/3,520. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Egyptian pound edges down in early trade, little volume CAIRO: The Egyptian pound edged down in early interbank trade on Tuesday following the central bank's decision to float the currency at the end of last week, but trading volumes remained tiny as banks were uncertain about supply and demand. The pound was quoted at 17.25-17.50 against the dollar, after trading at an average of about 16.83 on Monday. Last Thursday, the central bank scrapped the pound's peg of 8.8 to the dollar, and it ...

Markets - FXMM - Middle East & Africa

Nigerian naira falls to 375.5 versus dollar on official market LAGOS: Nigeria's naira weakened to a record low of 375.50 to the dollar on Tuesday on the official interbank market, according to Thomson Reuters data. The currency had briefly touched a rate of 365 on Aug. 18 but then quickly reversed the losses and closed at 324 to the dollar on the official window.It then stabilised at around 305.5 to the dollar due to daily interventions by the central bank, traders said.There was no immediate ...

Markets - FXMM - Middle East & Africa

Dollar shortage stifles trade in newly floated Egyptian pound CAIRO: Egypt's pound avoided the sharp drop that many had feared on its first day as a freely traded currency, but bankers said that was because years of dollar shortages had starved the market of liquidity. The pound weakened in interbank trade on Sunday, slipping from 15.50 per US dollar to close at 16. Volumes were very low with banks reluctant to part with scarce dollar holdings and ordinary people still stashing the greenback under ...

Markets - FXMM - Middle East & Africa

South Africa's rand hits more than 2-month highs on release of Gupta report JOHANNESBURG: South Africa's rand touched 2-1/2 month high against the US dollar on Wednesday after a court ordered the release of a report over alleged influence peddling in government by close allies of President Jacob Zuma. Zuma earlier withdrew a court challenge to the release of the report by the Public Protector, a constitutionally mandated anti-graft watchdog, on the extent of political influence by the Gupta family, who are his wealthy friends. At 1320 GMT, ...