07292016Fri
Last update: Fri, 29 Jul 2016 10am

Middle East & Africa

Markets - FXMM - Middle East & Africa

Ugandan shilling weakens due to dollar demand from manufacturing firms KAMPALA: The Ugandan shilling weakened on Monday, undercut by dollar demand from companies in the manufacturing sector and an injection of local currency liquidity via reverse repurchase agreements, traders said.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Nigerian naira devalues 23pc after currency peg ends LAGOS: Nigeria's naira devalued 22.7 percent against the US dollar on Monday as interbank market trading began following the removal of a central bank currency peg, Thomson Reuters data showed. The naira traded at 255 against the dollar on Monday, weakening from the 197 peg maintained by the central bank for the last 16 months.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Kenyan shilling stable, may weaken from demand by banks and telecoms NAIROBI: The Kenyan shilling was stable on Monday although expected dollar purchases by commercial banks and telecommunications firms looking to pay dividends were seen posing a depreciation risk.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Nigeria's naira weakens vs dollar in NDF market ahead of new FX regime LONDON: Nigeria's naira slipped across the curve against the dollar in non-deliverable forward markets on Monday, with one-month contracts hitting a fresh record on before the introduction of a new foreign currency regime later in the day.One-month non-deliverable forwards showed the naira weakening to 305 per dollar, while the two-month contract traded at 310 per dollar - matching a record it hit on Friday.The one-year contract showed the naira at 351 to the dollar .Nigeria ...

Markets - FXMM - Middle East & Africa

Rand firms as easing Brexit risk buoys emerging currencies JOHANNESBURG: South Africa's rand strengthened as much as 1.3 percent against the dollar on Monday, buoyed along with other emerging market currencies by lessening fears of Britain voting to leave the European Union.It rallied to 14.9900/dollar, its strongest for a week, and was up 1.2 percent at 15.0100 by 0644 GMT, compared with Friday's close of 15.1950, as investors' appetite for risk improved.The rand took its cue from Asian markets which gained across the board ...

Markets - FXMM - Middle East & Africa

Nigeria's naira to lose up to a third of its value on Monday after float JOHANNESBURG: Nigeria's naira will lose around a third of its value after the central bank floats the currency and adopts a new market-driven trading regime on Monday, a Reuters poll found. The naira has been pegged at 197 to the US dollar for the past 16 months but the currency trades at around 355 on the parallel market as a slump in oil revenues has hammered public finances and foreign currency reserves. On Wednesday the ...

Markets - FXMM - Middle East & Africa

Nigeria naira firms 2.8pc on parallel market after FX reforms LAGOS: Nigeria naira firmed to 355 to the dollar on the parallel market on Friday, up 2.8 percent from the previous day after the central bank introduced reforms designed to relaunch interbank currency trading and attract foreign investors. The naira traded at a volume of $1 million at the pegged rate of 197 naira on the official interbank market on Friday, traders say, adding it was carryover trades from previous deals. Copyright Reuters, 2016 ...