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Middle East & Africa


Nigeria naira recovers from record low as central bank steps in LAGOS: Nigeria's naira recovered from a record low to end trading unchanged on Thursday, after the central bank sold dollars to prop up the local currency, dealers said.The naira closed where it opened on Thursday, at 192.70 to the dollar. The currency had fallen to a record low of 194.65 shortly after the market opened, then recovered as the central bank stepped in. It had closed within a range of 190.10 to 192.40 the day before.The central bank has been intervening almost daily in the interbank market since the start of the year. The naira has suffered as falling oil prices weaken Nigeria's economy, causing foreign investment to dwindle.Dealers say dollar demand is significant on the interbank market, most of it from importers. Nigeria imports around 80 percent of what it consumes.The naira has been trading outside a target of 160-176 to the dollar that the central bank set following ...

Kenyan shilling firms on tea inflows, outlook weak NAIROBI: Kenya's shilling firmed in early trade on Thursday helped by dollar inflows from this week's tea auctions, but traders said they still expected the local currency to weaken.By 0716 GMT, the shilling was trading at 91.45/65 to the dollar, compared with Wednesday's close of 91.50/60.The shilling, which weakened steadily through last year and since the start of this year, has been stable for the past few days helped initially by tight shilling liquidity due ...
South Africa's rand on firmer footing as global risk appetite improves JOHANNESBURG: The South African rand hovered near the previous session's two-week highs against the dollar on Wednesday, benefiting mainly from an upswing in global risk appetite.At 0640 the local unit traded at 11.3840 to the greenback, barely off Tuesday's closing level of 11.3720.The rand had climbed more than 1 percent to 11.3650 the previous day, its strongest since Jan. 22, as recent interest rate cuts by some central banks, the latest being Australia's Reserve Bank, ...
Kenyan shilling firm on tight local currency liquidity NAIROBI: Kenya's shilling held firm on Wednesday morning, helped by tight local currency liquidity and weak demand for dollars from importers and other companies.By 0658 GMT, the shilling was trading at 91.55/65, unchanged from Tuesday's close."Lack of demand from corporates and tight liquidity are helping the shilling," said Sheikh Mehran, head of trading at I&M Bank.Corporate demand for dollars tends to rise towards the end of month, while last week's bond and treasury bill sales ...
Egyptian pound holds steady at central bank auction CAIRO: Egypt's pound held steady at 7.53 per dollar at Wednesday's central bank auction, remaining unchanged for the first time since the bank began allowing the pound to weaken on Jan. 18.The bank offered 40 million dollars and sold 38.5 million at a cut-off price of 7.5301 pounds per dollar, the central bank said, the same price at the previous sale on Monday.The central bank has let the official pound exchange rate weaken steadily since ...
Nigeria naira sheds 1.1pc on low dollar liquidity LAGOS: Nigeria's naira shed 1.1 percent in mid-morning trades on Wednesday, driven lower by low dollar liquidity amidst rising demand for the greenback, dealers said.The naira, which opened at 190.30, quickly fell to 192.30 to the dollar by 1050 GMT. The unit closed at 189.15 naira the previous day.Dealers said Italy's ENI sold $24 million to some lenders to buy naira for its local operations, but it was insufficient to help quench dollar demand.Copyright Reuters, ...
Ugandan shilling stable, weakening bias seen KAMPALA: The Ugandan shilling was largely stable on Wednesday but was expected to face pressure in the short term due to strong liquidity and an expected recovery in corporate demand for dollars.At 0805 GMT commercial banks quoted the shilling at 2,860/2,870, little changed from Tuesday's close of 2,858/2,868.Sage Daniel Muganza, trader at Centenary Bank, said there was a lot of liquidity due to government spending at the end of January to pay public workers' salaries ...


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ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-1.703 bln
Exports $2.156 bln
Imports $3.859 bln
WeeklyFebruary 26, 2015
Reserves $15.944 bln