12082016Thu
Last update: Thu, 08 Dec 2016 05am

Middle East & Africa

Markets - FXMM - Middle East & Africa

Nigeria sells 120bn naira in treasury bills, yields mixed LAGOS: Nigeria sold 119.92 billion naira ($394.21 million) in short-dated treasury bills at an auction on Wednesday, with mixed yields, data from the central bank showed on Thursday. The bank sold a total of 32.43 billion naira of the 3-month paper at 13.99 percent, broadly unchanged from 14 percent at the last auction on Nov. 2. It sold 22.82 billion naira of 6-month debt at 17.40 percent, down from 17.50 percent at the previous auction, while a total of 64.67 billion naira of 1-year bills was sold at 18.70 percent, compared with 18.30 percent previously. Total subscriptions rose to 158.07 billion naira compared with 122.96 billion naira at the last auction, the data showed. Nigeria issues treasury bills to raise cash to fund the budget deficit, manage banking system liquidity and curb rising inflation. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

AFRICA-FX-Kenyan, Ugandan shillings seen easing, Zambia's kwacha to firm NAIROBI: The Kenyan and Ugandan shillings are seen weakening in the week to next Thursday, while Zambia's kwacha is seen strengthening, traders said.KENYAThe Kenyan shilling could weaken due to sustained corporate demand outweighing dollar inflows, traders said.At 0750 GMT, commercial banks quoted the shilling at 101.80/102.00 to the dollar, compared with 101.60/70 at last Thursday's close."Corporate demand appears not to have reduced," said a trader from a commercial bank.UGANDAThe Ugandan shilling is seen weakening, hit ...

Markets - FXMM - Middle East & Africa

Egypt's pound strengthens after IMF approves $12bn loan CAIRO: Egypt's pound strengthened on Sunday after the International Monetary Fund approved a $12 billion loan the government hopes will help restore investor confidence and stabilise the currency. The pound traded at 15 to 16 against the dollar at 1:59 p.m. local time (1159 GMT), up from around 16.3 to 16.8 on Thursday, in line with a newfound appetite among investors who saw the stock market enter its 12th straight session of gains. Egypt floated ...

Markets - FXMM - Middle East & Africa

Nigerian security agents raid black market FX dealers to stop slide of naira LAGOS: Nigerian security agents raided the offices of black market currency dealers on Thursday, detaining some dealers and ordering others to sell dollars at a lower rate in a bid to break the fall of the currency, dealers said. The central bank has been unable to stop the naira's slide on the black market, where importers go to buy dollars due to severe hard currency shortages in Africa's biggest economy. Nigeria has been hammered by ...

Markets - FXMM - Middle East & Africa

South Africa's rand slumps as Trump wins US election JOHANNESBURG: South Africa's rand tumbled as much as four percent on Wednesday along with other emerging market currencies after investors were rattled by a shock win for Republican Donald Trump in the fiercely-contested US election.Trump scored a surprising win over Democrat Hillary Clinton, opening a path to the White House for the political outsider seen as a risk to global growth as he has pledged to renegotiate trade deals, impose high import tariffs and stirred ...

Markets - FXMM - Middle East & Africa

Ugandan shilling firms on dollar inflows from charities KAMPALA: The Ugandan shilling recouped some of its losses over the last few days on Tuesday, buoyed by dollar inflows from non-governmental organisations, traders said.At 1005 GMT commercial banks quoted the shilling at 3,495/3,505, stronger than Monday's close of 3,510/3,520. Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Egyptian pound edges down in early trade, little volume CAIRO: The Egyptian pound edged down in early interbank trade on Tuesday following the central bank's decision to float the currency at the end of last week, but trading volumes remained tiny as banks were uncertain about supply and demand. The pound was quoted at 17.25-17.50 against the dollar, after trading at an average of about 16.83 on Monday. Last Thursday, the central bank scrapped the pound's peg of 8.8 to the dollar, and it ...