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Middle East & Africa


Nigeria naira hits fresh low on black market as govt funds hit currency LAGOS: Nigeria's naira hit fresh lows against the dollar on the parallel market on Friday, after a government liquidity injection to help cash-strapped states offset a funding crisis hit the currency, traders said. The currency of Africa's biggest economy fell to a new record low of 240 on the parallel market, down 2.1 percent on the day, as persistent dollar shortages continued, two traders said. Aminu Gwadabe, president of Nigeria's Bureau de Change association said he saw an increase in demand on Friday as individuals tried to convert their naira to dollars. The government on Tuesday said it will pay out $2.1 billion to reduce a growing backlog of debts and restructure short-term loans owed by its states after declining oil prices cut revenues. "There is a lot of demand with the recent injection of cash by the government.Part of the funds is being converted to dollars," Gwadabe told Reuters. ...

South Africa's rand snaps losses as risk aversion abates JOHANNESBURG: South Africa's rand snapped four straight days of losses against the dollar on Thursday, shrugging off weak domestic data as global investors focussed on euro zone efforts to resolve Greece's debt problems.South Africa's manufacturing sector remained under pressure in May, shrinking 1.4 percent year-on-year after a 2.1 percent contraction in April.But the rand climbed as much as 1 percent to a session high of 12.4440/dollar, and was up 0.37 percent on the day at ...
Ugandan shilling breaches key level, falls to record low KAMPALA: The Ugandan shilling breached a key psychological level and weakened to a record low on Wednesday after a surge in demand for dollars from energy companies. At 0805 GMT commercial banks quoted the shilling at 3,510/3,520, weaker than Thursday's close of 3,475/3,485. "The energy sector players have been out for some time but they're now coming in with demand," said Faisal Bukenya, head of market making at Barclays Bank.However, Bukenya said, the shilling's depreciation ...
Ugandan shilling hits record low as traders see no intervention KAMPALA: The Ugandan shilling hit a new all-time low on Tuesday as commercial banks snapped up dollars after the central bank signalled it would not intervene to support the local currency, traders said.At 0851 GMT commercial banks quoted the shilling at 3,460/3,470, weaker than Monday's close of 3,440/3,450.The market was driven by central bank comments last week that it was willing to let shilling depreciate to find its market level, Bank of Baroda treasurer Priphwijit ...
Egyptian pound steady at auction, weaker on parallel market CAIRO: Egypt's central bank held the Egyptian pound steady at 7.73 pounds to the dollar at a foreign exchange auction on Tuesday following a depreciation over the past week, while the currency weakened on the parallel market. The central bank said it had offered $40 million and sold $39.6 million at a cut-off price of 7.7301 pounds per dollar, unchanged from Sunday's rate. The central bank had held the pound at 7.5301 pounds for the ...
Nigeria naira at new record low of 233 on parallel market LAGOS: Nigeria's naira was quoted at a new record low of 233 to the dollar on the parallel market on Tuesday, weaker than 232 naira on Monday owing to a shortage of the greenback, traders said. The naira has been on the ropes on the parallel market since the central bank introduced new measures two weeks ago restricting importers from sourcing the greenback from the interbank market, shifting dollar demand to the black market. The ...
South Africa's rand, bonds weaken sharply in Greece-related sell-off JOHANNESBURG: South Africa's rand fell more than 1 percent against the dollar on Monday as the looming prospect of a default by debt-ridden Greece sent investors scurrying from risky assets.The rand briefly plumbed a session low of 12.4100 per dollar before coming back to 12.2850 by 0642 GMT, down 0.66 percent from Friday's close in New York. Government bonds also fell sharply, with the yield for paper maturing in 2026 hitting a two-week high of ...


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Banking Review 2014

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln