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The UK pound has continued to fall following the Brexit. AFP

Pound hits seven-week high on eve of vital Brexit vote

The British pound on Monday hit a seven-week high against the dollar as UK Prime Minister Theresa May delivered an upbeat speech on the eve of a key Brexit vote which she is expected to lose, dealers said.
The logo of Apple is seen at a store in Zurich, Switzerland January 3, 2019. REUTERS-Arnd Wiegmann

Apple warning delivers fresh blow for markets, global growth

Stock markets retreated once more Thursday as China’s slowing economy forced Apple to slash its revenue forecast, wiping as much as $55 billion from its value and dragging down share prices in the wider technology sector.

Central bank injects fresh $210 million in forex market

The Central Bank of Nigeria (CBN) yesterday intervened in the interbank sector of the foreign Exchange market, injecting $210 million into the wholesale segment and other sectors of the market.
Iranian President Hassan Rouhani - AFP PHOTO - ALEX HALADA

11 arrested over $400 million theft in Iran

Iran’s intelligence ministry said Monday it had arrested 11 “economic disruptors” who misappropriated some $400 million earmarked for essential goods and smuggled the money out of the country.
Dollar

Dollar drifts in year-end trade as clouds gather

The dollar was broadly steady in thin year-end trading on Monday with the Australian dollar leading gainers as tensions over a trade dispute between the United States and China faded on expectations of progress in trade talks.
South Africa’s Rand

South Africa’s rand weakening in volatile run-up to May vote

South Africa’s rand is expected to erase around a third of the 10 per cent gains made in the past two months in the run-up to May elections as strong volatility rattles the currency, a Reuters poll found on Thursday.

LCCI: Falling oil prices pose risk to forex market, new minimum wage

The Lagos Chamber of Commerce and Industry (LCCI) has warned that the declining global oil prices pose a risk to stability in the foreign exchange market and may threaten the ongoing negotiation on the new minimum wage.

Lower oil prices may weaken naira to N380 per dollar – analysts

Should oil prices continue to decline and fall below Nigeria’s Medium Term Expenditure Framework (MTEF) benchmark of $60 per barrel, the impact on the country’s economy could include the naira depreciating to $380/$, analysts at Financial Derivatives Company (FDC) have predicted.

Central bank to boost forex sale after naira eases on black market

The Nigerian central bank plans to boost its dollar sales to exchange bureaus after the currency weakened sharply on the black market.

Naira crashes further against dollar at parallel market

The Naira on Thursday depreciated at the parallel market, exchanging at N368 to the dollar.

Dollar weakens as cautious Fed leads to rate-hike rethink

The dollar weakened against other major currencies on Thursday as markets took Federal Reserve Chairman Jerome Powell’s comment that U.S. interest rates were just below neutral as a signal that a three-year rate-hiking cycle is nearing an end.

Naira gains against dollar at investor’s window

The Naira on Wednesday gained 70 kobo to exchange at N364.15 to the dollar at the investor’s window, the News Agency of Nigeria (NAN) reports.

The wrong way to defend the naira

The Central Bank of Nigeria has injected over $10.97bn, into the Forex Market between January and October this year, to defend the Nation’s currency, the Naira, against other major currencies, including the dollar.” (See Punch Newspaper report of November 18th 2018 titled “CBN Defended Naira with $11bn in 10 months”).

Oil slides to 1-year low at end of volatile trading week

Oil prices slumped to one-year lows Friday on lingering concerns over high crude supplies, while stocks diverged at the end of another volatile week for global markets.
US crude oil

Saudi Arabia’s production cut hikes oil prices

Oil prices climbed on Monday as the world’s biggest supplier Saudi Arabia announced plans to cut production, in the face of fears of oversupply.

Dollar strengthens post-election recovery

The dollar rose on Thursday pulling further away from 2-1/2 week lows hit on Wednesday as the market breathed a sigh of relief after the U.S. midterm elections.
Managing Director, News Agency of Nigeria (NAN), Mr Bayo Onanuga (L) welcoming the Minister of Information and Culture, Alhaji Lai Mohammed to NAN Headquarters during a visit in Abuja on Tuesday (6-11-18). 6-11-2018-Albert Otu-BJO-NAN

Lai Mohammed: Federal government’ll raise power generation capacity to 9,000mw by end of 2018

The Federal Government says it will increase power generation by 2,000 megawatts from the current 7,000mw to 9,000 megawatts by the end of 2018.
An employee shows US dollar banknotes at a foreign currency brokerage office in Khartoum on October 7, 2018. - Sudan slashed the official value of its currency against the US dollar by more than half on October 7, the third devaluation this year in the face of a mounting economic crisis. (Photo by ASHRAF SHAZLY / AFP)

Dollar keeps to tight ranges as investors brace for US elections

The dollar stuck to tight ranges against its major rivals on Tuesday as investors favoured caution ahead of U.S. mid-term elections later in the day.

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This image taken from an AFP TV footage shows people in a street as a gunfight was underway following a blast at a hotel and office complex in a leafy Nairobi neighbourhood on January 15, 2019. – A blast at the DusitD2 compound, which includes a hotel and several office buildings housing international companies, was heard from AFP’s offices some five kilometres (three miles) away. (Photo by Raphael AMBASU / AFP)

Explosion, gunfire at Nairobi hotel and office complex

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