Ghanaian and Zambian currencies under pressure

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Ghana’s cedi is seen falling as sustained corporate demand for dollars continues to outweigh supply on the interbank market.

LSEG data showed the cedi trading at 11.70 to the dollar, compared with 11.65 a week before.

“The cedi is expected to remain under pressure next week, driven by persistent foreign exchange demand from the services and commerce sectors,” said Andrews Akoto, head of trading at Absa Bank Ghana.

Zambia’s kwacha should continue to gradually depreciate, also weighed down by hard-currency appetite.

The kwacha was quoted at 20.74 to the dollar on Thursday, compared with 20.62 a week earlier.

Kenya’s shilling is expected to hold steady.

Commercial banks quoted the shilling at 129.90/130.10 per dollar, compared with last Thursday’s closing rate of 129.80/130.00.

A trader said the central bank had been in the market to sell dollars, keeping the shilling stable.

Nigeria’s naira is likely to be little changed, supported by central bank dollar sales and inflows into government securities.

The naira was quoted at 1,348 to the dollar on the official market on Thursday, little changed from 1,346 a week ago.

The currency was changing hands at around 1,425 to the dollar in street trading.

Uganda’s shilling may also be steady, helped by remittance inflows.

Commercial banks quoted the shilling at 4,105/4,115, compared with last Thursday’s close of 4,040/4,050.

A trader said the shilling was likely to oscillate in the 4,050-4,150 range against the dollar in the coming days, extending this week’s relative stability after a volatile period.

The shilling crashed through repeated all-time lows against the dollar in October before an emergency interest rate hike helped stabilise the foreign exchange market.

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