The Ugandan shilling and Zambian kwacha are expected to post gains in the coming week, while Nigeria’s naira and Ghana’s cedi are projected to remain broadly stable, currency traders said on Thursday.
Uganda’s shilling was quoted at 3,578/3,588 per dollar, unchanged from last week. Traders attributed its anticipated modest strengthening to subdued demand for foreign exchange among importers, linked to weak consumer spending.
In Zambia, the kwacha strengthened to 23.20 per dollar from 24.39 a week earlier, buoyed by increased dollar inflows from the mining sector. Traders expect this trend to continue into next week due to improved forex supply.
Nigeria’s naira hovered around 1,533 to the dollar in intraday trading, slightly weaker than last week’s close. Traders believe the central bank’s interventions will keep the currency within a tight range in the near term.
Ghana’s cedi traded at 10.40 per dollar, marginally down from 10.35. Analysts expect it to remain stable, supported by continued central bank dollar auctions and strong reserves exceeding IMF benchmarks.