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Middle East & Africa

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Nigerian naira steady, oil firms sell dollars LAGOS: Nigeria's naira currency remained steady on the interbank forex market with large dollar sales by oil companies increasing liquidity, a day after central bank's Monetary Policy Committee kept its benchmark interest rate unchanged.The local currency closed at 199.10 to the dollar, the same level it has closed over the last one week."Dollar sales by some oil companies helped boost liquidity support for the naira and eased pressure on central bank intervention fund," one dealer said.The local unit of Chevron sold $100.6 million to some lenders, Total sold $53 million and Brass LNG sold $600,000, boosting dollar liquidity in the market.The central bank has in the recent past intervened to steady the naira after it suffered as falling global oil prices hurt Nigeria's economy, causing foreign investment to dwindle.Dealers said the effect of the dollar flows could not reflect in the value of the naira because of tight control on ...

South Africa's rand slips against dollar, resurgent euro JOHANNESBURG: South Africa's rand weakened against the U.S. dollar on Wednesday ahead of an interest rate decision by the central bank, although the currency remained in sight of recent three week highs.By 1540 GMT the rand had slipped 0.3 percent versus the greenback to 11.8355, losing the momentum that saw the unit climb to a session high of 11.7550 earlier as the dollar continued to suffer against major currencies.The index measuring the dollar against a ...
Egyptian pound steady on official, black markets CAIRO: Egypt's central bank kept the pound steady at 7.53 pounds to the dollar at a foreign exchange auction on Wednesday, and the domestic currency was also stable on the black market.The central bank has kept the official exchange rate steady for more than a month after letting the pound weaken in an attempt to wipe out black-market trading.The bank said it offered $40 million at auction and sold $38.7 million at a cut-off price ...
Kenya shilling firm, bond inflows match corporate dollar demand  NAIROBI: Kenya's shilling was steady in early business on Wednesday, with usual end-month demand for dollars matched by inflows of foreign exchange from investors attracted by a government bond auction.By 0733 GMT, the shilling was quoted at 91.75/95, little changed from Tuesday's close of 91.70/80."It looks like the flows that were expected for the upcoming infrastructure bond have been supporting the local currency," said Duncan Kinuthia, head of trading at Commercial Bank of Africa.A bond ...
Ugandan shilling marginally stronger as dollar demand fizzles KAMPALA: The Uganda shilling was slightly stronger on Wednesday, buoyed by subdued demand for the U.S. currency, with the market wary the central bank could sell dollars if the local currency breached the key level of 3,000.At 0913 GMT commercial banks quoted the shilling at 2,970/2,980, stronger than Tuesday's close of 2,980/2,990."There's significant liquidity after a BoU (Bank of Uganda)injection yesterday but players are not taking positions," said Ahmed Kalule, trader at Bank of Africa."Some ...
South Africa's rand surfs near 2-week highs, eyes on MPC JOHANNESBURG: South Africa's rand traded within reach of the previous day's two-week high on Wednesday, with U.S. durable goods data likely to drive sentiment ahead of Thursday's domestic monetary policy statement.The local unit changed hands at 11.8335 per dollar around 0657 GMT, a 0.28 percent retreat from Tuesday's last trading level in New York.Government bonds extended gains with the yield on the benchmark 2026 government paper shedding 2 basis points to 7.63 percent, its lowest ...
South Africa's rand at three-week high against dollar on EM rally JOHANNESBURG: South Africa's rand rode the wave of an emerging market rally on Tuesday, extending gains to a new three-week high to a U.S. currency weighed down on expectations the Federal Reserve will delay an interest rate hike to September.By 1506 GMT the rand had firmed 0.5 percent to 11.8500 per dollar, having strengthened to as much as 11.8000 in the session before pulling back as weak Chinese manufacturing data restricted EM currency gains.Most of ...

 



 
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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJanuary
Trade Balance $-999 mln
Exports $2.064 bln
Imports $3.063 bln
WeeklyApril 16, 2015
Reserves $16.818 bln