08302016Tue
Last update: Tue, 30 Aug 2016 02pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

Nigerian naira weakens to 330.50 in off-market trades LAGOS: Nigeria's naira fell to an all-time low on Thursday, crossing 300 to the dollar for the first time on the interbank market after the central bank last month lifted its peg on the currency to allow it to trade freely.The naira fell 5.4 percent against the greenback to 309 at 1224 GMT on dollar supply shortages. It later recovered to close at 292.40 on the interbank market on thin trades. The interbank market traded a total of $7.27 million.Traders were expecting the central bank to intervene to ease dollar shortages, which did not materialise. The bank has not intervened for most of this week, they said. Instead it was mopping up naira liquidity to support the currency.After market closed at 1300 GMT, a total of $7.10 million trades were done as low as 330.50 naira to the dollar."Now that the market has adjusted upwards it seems people are comfortable ...

Markets - FXMM - Middle East & Africa

South Africa's rand firms after inflation data, stocks flat JOHANNESBURG: South Africa's rand firmed against the US dollar on Wednesday after data showing inflation quickened in June boosted the case for domestic interest rates remaining high this year. Stocks were largely unchanged with mining firms among the biggest losers on weak production results while budget retailer Shoprite led the risers on strong sales. At 1500 GMT, the rand traded at 14.2700 per dollar, 0.42 percent firmer from its New York close on Tuesday. South ...

Markets - FXMM - Middle East & Africa

Nigeria naira at record closing low as dollar shortages linger LAGOS: Nigeria's naira was stuck at a record closing low of 292.90 to the dollar on Wednesday after just one transaction was carried out, with the supply of dollars drying up and no intervention by the central bank, traders said.The naira was unchanged from Tuesday's close after one transaction worth $380,000 was made on Wednesday. That trade was done at 1150 GMT, more than three hours after the market opened.The interbank market had seen just ...

Markets - FXMM - Middle East & Africa

South Africa's rand bounces as Turkey concerns ease JOHANNESBURG: South Africa's rand strengthened two percent against the U.S. dollar on Monday as concerns over a failed coup attempt in Turkey eased and investors sought out higher returns in emerging markets.Stocks ended slightly lower with gold shares among the biggest decliners as traders pared their safe-haven holdings after Turkey's government said it was in control of the country and the economy.At 1549 GMT, the rand traded at 14.267 versus the dollar, 2 percent stronger ...

Markets - FXMM - Middle East & Africa

South Africa's rand bounces as emerging markets shake off Turkey coup worries JOHANNESBURG: South Africa's rand gained nearly two percent early on Monday as emerging markets set aside concerns about a failed coup in Turkey over the weekend and investor focus shifting back to the timing of rate hike in the United States.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Nigeria naira at record low a month after central bank lifts FX peg LAGOS: Nigeria's naira eased 4.3 percent against the dollar on Friday to hit a record low after the central bank sold the greenback at a weaker rate to boost interbank market liquidity, traders said. The naira hit a record low of 295.25 on thin trade, a month after the central bank lifted its currency peg. A total volume of $12 million traded on the interbank on Friday at an average rate of 290 naira, with ...

Markets - FXMM - Middle East & Africa

Ugandan shilling inches up on lower demand for dollars KAMPALA: The Ugandan shilling edged up on Friday as appetite for hard currency from importers and commercial banks tailed off. At 0929 GMT, commercial banks quoted the shilling at 3,365/3,375, a notch stronger than Thursday's close of 3,367/3,377.Copyright Reuters, 2016 ...