The currencies of Kenya, Nigeria, Ghana, and Uganda are expected to remain largely stable through next Thursday, while Zambia’s kwacha may strengthen, according to traders.
Kenya
Kenya’s shilling is likely to hold steady in the coming days, supported by strong inflows of hard currency from remittances and agricultural exports.
On Thursday, commercial banks quoted the shilling at 129.00/129.40 per dollar, slightly changed from 128.95/129.45 at the close of last Thursday.
Nigeria
Nigeria’s naira is also expected to remain stable, as the central bank continues to sell dollars to meet rising demand for foreign currency.
The naira traded around 1,547 per dollar during Thursday’s session, compared to 1,537 at the end of last week. On the unofficial market, it was quoted near 1,602.
“We expect stability around these levels,” one trader said. “Buyers know the central bank will intervene. Exporters are selling dollars, and we occasionally see portfolio inflows.”
Ghana
Ghana’s cedi is likely to remain steady, with central bank dollar auctions meeting market demand.
Data from LSEG showed the cedi trading at 10.25 to the dollar on Thursday, up slightly from 10.20 last week.
“There’s been strong demand for dollars, especially from retail, energy, and services sectors,” said Andrews Akoto, head of trading at Absa Bank Ghana. “This demand is being matched by supply at the central bank’s auctions.”
Another trader said that although the cedi faced some pressure, continued central bank support should prevent any sharp moves.
Uganda
Uganda’s shilling is expected to stay stable, helped by dollar inflows from non-governmental organisations and coffee exports.
Commercial banks quoted the shilling at 3,600/3,610 per dollar on Thursday, compared to 3,585/3,595 last week.
“Charity-related inflows will likely rise as we near the end of the month,” a trader said, adding that the shilling would likely move within the 3,580–3,620 range.
Zambia
Zambia’s kwacha could strengthen, supported by a rise in foreign currency supply.
The kwacha traded at 24.00 per dollar on Thursday, up from 24.99 a week earlier.
“The local unit is expected to trade bullishly due to increased supply,” Zambia National Commercial Bank said in a note.
