The nation's currency, the naira, strengthened further at the Central Bank's foreign exchange auction and on the interbank market yesterday, as demand for the dollar fell below supply.

The East African Community projects to have a common currency by 2012.

Another round of consultations on the proposed East African Monetary Union (EAMU) got underway in Kigali, Rwanda yesterday with delegates expressing optimism for moving towards a single currency in the region.

RESERVE Bank governor Tito Mboweni warned yesterday that the central bank was "increasingly concerned" about the rand's strength and its effect on SA.