GHANA
Ghana’s cedi will probably fall as corporate demand for foreign-currency continues to outpace supply.
LSEG data showed the cedi trading at 11.00 to the dollar, compared to 10.90 a week earlier.
“The cedi came under renewed pressure, with dollar demand from both local corporates and offshore players,” said Ronald Mensah, a trader at Stanbic Bank Ghana.
“We expect dollar liquidity to stay thin, with (the central bank’s) spot auctions still the main source of supply,” he added.
Another trader said the results of the latest central bank FX auction, where bids reached $399 million against an allocation of $125 million, suggested a build-up of dollar demand.
UGANDA
Uganda’s shilling is seen trading with a firming tone, helped by month-end hard-currency inflows from charities and commodity exporters.
Commercial banks quoted the shilling at 3,715/3,725 to the U.S. currency, compared to last Thursday’s close of 3,705/3,715.
ZAMBIA
Zambia’s kwacha is likely to stay around its current levels, supported by strong copper prices.
The currency has reacted little to last week’s general election, which handed President Hakainde Hichilema a second term in office though the opposition leader says he will challenge the result.
On Thursday commercial banks quoted the kwacha at 18.99 per dollar from 18.98 at the close of business on Wednesday last week, a day before the election.
NIGERIA
Nigeria’s naira may be broadly unchanged, buttressed by inflows from offshore investors.
The naira was quoted at 1,345 to the U.S. currency on the official market on Thursday, compared with 1,358 a week earlier.
The currency was changing hands at 1,410 to the dollar in street trading .
“I expect (exchange) rates to trade between 1,348 to 1,360 naira levels next week,” one trader said. “There have been good flows into the market.”
KENYA
Kenya’s shilling is expected to continue its long-running trend of holding steady.
Commercial banks quoted the shilling at 129.30/50 to the U.S. currency, compared with last Thursday’s close of 129.15/35.
REUTERS
