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Nigeria naira rebounds from record lows on central bank action LAGOS: Nigeria's naira recovered from record lows hit this week after the central bank increased forex trading limits and sold dollars to commercial lenders on Thursday, dealers said.The unit rose 0.45 percent to close at 188.35 naira after ending at a record closing low of 189.20 for the two previous sessions.Liquidity conditions have deteriorated as the naira has slumped to record lows because dollar inflows from foreign investment and other sources have dried up.The central bank is having to intervene and sell dollars into the market, but that is burning up its foreign reserves.The central bank increased foreign currency trading position for commercial banks to 0.5 percent of their capital base from 0.1 percent, to shore up interbank dollar liquidity.Italy's Eni also sold $10 million to buy naira for its local operations, dealers said."These policy reversals are not ideal for central bank credibility but are a step in the right ...

Kenya shilling weakens, shares edge higher NAIROBI: The Kenyan shilling edged down against the dollar on Thursday, though traders said they saw signs of the currency strengthening in the coming days with more dollars coming into the market. Stocks were up.At the 1300 GMT close, banks quoted the shilling at 91.70/80 to the dollar, weaker than Wednesday's close of 91.60/70."It's staying with the trend of weakening," said Duncan Kinuthia, head of trading at the Commercial Bank of Africa. "However, we've started ...
Rand surges vs euro, dollar after ECB turns on printing press JOHANNESBURG: South Africa's rand powered to its firmest in nearly 18 months against the euro on Thursday and notched up a 6-week high against the dollar after the European Central Bank unveiled a 60 billion euro-a-month asset purchase programme to boost growth.The rand strengthened more than 1 percent against the greenback to 11.3900 at 1545 GMT, breaching a resistance level around the 11.40 mark that had started to build up over the last two months.It ...
South Africa's rand largely steady, market awaits ECB JOHANNESBURG: South Africa's rand traded in a narrow range early on Thursday, with scope to gain against the dollar if the European Central Bank signals the start of an asset purchasing programme to stimulate the euro zone economy.At 0635 GMT, the local unit traded at 11.5285 per dollar, not far off Wednesday's New York close at 11.5145.Government bonds edged lower, with the yield for the 2026 benchmark adding 3 basis points to 7.355 percent.The rand ...
Kenya shilling weakens, central bank eyed NAIROBI: The Kenyan shilling edged down against the dollar on Thursday and traders said the central bank was likely to inject dollars into the market to stem further losses.At 0750 GMT, commercial banks posted the shilling at 91.80/90 per dollar, slightly down from the previous day's close of 91.70/80.The shilling last traded at these levels in November 2011."The pressure is coming from a build-up of (dollar) demand and right now the supply side is quite ...
Egypt's pound hits new low of 7.39 per dollar: central bank CAIRO: Egypt's pound weakened to 7.39 per dollar from 7.34 the previous day at a central bank auction on Thursday, the weakest level it had been allowed to reach since auctions began in December 2012.It was the fifth official depreciation this week, prompted by the widening gap between the black market and the official rate.The bank offered $40 million and sold $38.4 million at a cutoff price of 7.3901 pounds per dollar, the central bank ...
South Africa's rand stable, pressure seen from rate expectations JOHANNESBURG: South Africa's rand was mostly flat against the dollar on Tuesday, clawing back most of its earlier losses, although it is likely to stay under pressure in a market now seeing some chance of an interest rate cut this month.At 1537 GMT the local unit traded at 11.6415 to the dollar, almost bang in line with Monday's close at 11.6375.The rand is likely to lose ground, with weak domestic growth, coupled with receding inflation ...

 



 
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ICT 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyNovember
Trade Balance $-1.664 bln
Exports $1.966 bln
Imports $3.630 bln
WeeklyJanuary 25, 2015
Reserves $15.019 bln