08302016Tue
Last update: Tue, 30 Aug 2016 11pm

Middle East & Africa

Markets - FXMM - Middle East & Africa

Nigeria's naira extends losses after currency peg removed LAGOS: Nigeria's naira weakened against the dollar for a second day on Tuesday after the central bank removed its currency peg in an effort to alleviate chronic foreign currency shortages choking growth.The naira traded 1.1 percent weaker at 285 to the dollar at 1000 GMT, with $9 million traded. It had slumped 30 percent on Monday.The central bank caved into pressure to effectively devalue the naira in the wake of falling prices for oil, the country's main export, announcing last week that it would abandon its 16-month-old peg at 197 to the dollar.On Monday, the central bank sold $3.5 billion on the forward market after it auctioned $532 million and intervened on the interbank market to clear backlog of hard currency orders worth around $4 billion."We know it's not every demand that has been settled. Trading will depend on what happens after what central bank did," one trader said. The ...

Markets - FXMM - Middle East & Africa

Fading Brexit fear fuels rand rise, keeps risk appetite intact JOHANNESBURG: South Africa's rand extended three days of gains against the dollar on Tuesday, as cautious optimism that Britons would vote to stay in the European Union kept global risk appetite intact. By 0701 GMT the rand was trading at 14.8200 versus the greenback, up slightly from its New York close of 14.8470.The currency had hit 14.7600, adding to Monday's strong gains, as investors bet that a June 23 referendum would not result in Britain ...

Markets - FXMM - Middle East & Africa

South Africa's rand, stocks firmer as easing Brexit risk buoys EM JOHANNESBURG: South Africa's rand strengthened as much as 2.5 percent against the dollar on Monday, buoyed along with other emerging market currencies by lessening fears of Britain voting to leave the European Union. Stocks were also up on the day, with the benchmark Top-40 index gaining 1.6 percent, while the all-share index added 1.4 percent. The rand rallied to a session high of 14.8155/dollar, its strongest in more than a week according to Thomson Reuters ...

Markets - FXMM - Middle East & Africa

Nigerian naira eases to new low in 1-month forward contracts LAGOS: Nigeria's naira eased against the dollar in non-deliverable forward markets on Monday, with one-month contracts hitting a fresh low after Africa's biggest economy floated its currency, ThomsonReuters data showed. One-month non-deliverable forwards showed the naira weakening to 317 per dollar, while the two-month contract traded at 322 per dollar - matching a record it hit on Friday.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Nigeria's naira plunges in free float LAGOS: The naira plunged against the US dollar on Monday after Nigeria's government scrapped its fixed exchange rate and allowed market forces to determine the currency's value."Trading started at 9:00 am (0800 GMT) this morning. All the 24 commercial banks are participating. The offer is 249 to 265 naira to the dollar," one forex trader told AFP.At 1000 GMT, the naira was quoted at 262.50 against the dollar but the trader, who asked to remain ...

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 ...