Ghana’s cedi is expected to weaken against the U.S. dollar over the coming week as demand for foreign currency continues to exceed supply, while Uganda’s shilling is forecast to strengthen, traders said on Thursday.
The cedi was trading at 11.00 per dollar, compared with 10.90 a week earlier. Traders said limited dollar liquidity and strong corporate demand were putting renewed pressure on the currency.
Uganda’s shilling, meanwhile, is expected to firm on increased hard currency inflows from charities and commodity exporters. It was quoted at 3,715/3,725 per dollar, compared with 3,705/3,715 a week earlier.
Zambia’s kwacha is forecast to remain broadly stable, supported by strong copper prices. The currency was quoted at 18.99 per dollar on Thursday, little changed from 18.98 before the country’s recent election.
Nigeria’s naira is also expected to remain broadly unchanged, supported by offshore investor inflows. It traded at 1,345 per dollar on the official market, stronger than 1,358 a week earlier, while street market rates stood around 1,410.
Kenya’s shilling is expected to maintain its longstanding stability. Commercial banks quoted it at 129.30/50 per dollar, compared with 129.15/35 a week earlier.
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