African currencies are showing varied trends for the upcoming week. Ghana’s cedi and Uganda’s shilling are expected to strengthen, while Kenya’s shilling and Zambia’s kwacha may weaken. Nigeria’s naira is forecast to remain stable.
Ghana’s cedi, currently trading at 11.70 to the dollar, is predicted to strengthen further, supported by remittance inflows and central bank interventions. The currency has already broken through the key 12.00 level on the interbank market. Uganda’s shilling, quoted at 3,646/3,656 to the dollar, is likely to firm due to month-end foreign-currency inflows from NGOs. Meanwhile, Nigeria’s naira is expected to hold steady around 1,590 to the dollar, benefiting from foreign portfolio inflows and improved crude oil prices. Kenya’s shilling (129.00/50) faces potential weakness due to increased manufacturing sector demand outpacing remittances and NGO salary inflows. Zambia’s kwacha, trading at 27.62 per dollar, is anticipated to remain under pressure amid high foreign-currency demand and limited supply.
These currency movements reflect varying economic conditions and market dynamics across the African continent.
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