The Kenyan, Nigerian and Zambian currencies are expected to be broadly unchanged against the dollar in the next week to Thursday, while Ghana’s may gain, traders said.<\/p>\n
Kenya’s shilling is seen stable as dollar appetite from the energy sector matches inflows from remittances and tea exports.<\/p>\n
Commercial banks quoted the shilling at 129.00\/129.40 to the dollar, unmoved from last Thursday’s close.<\/p>\n
Nigeria’s naira is also expected to trade around current levels.<\/p>\n
The naira was quoted at 1,472 to the dollar on the official market on Thursday and was changing hands at 1,490 to the dollar in street trading .<\/p>\n
“We have seen the currency trade at around 1,465\/1,470 levels this week. With this, we are getting signals that the central bank is comfortable … where the market is right now,” one trader said.<\/p>\n
Zambia’s kwacha is likely to be steady as companies sell hard currency to pay taxes.<\/p>\n
On Thursday the kwacha was quoted at 23.18 per dollar from 23.99 a week ago.<\/p>\n
“Withholding tax is due next week and this should support the local currency,” a financial analyst said.<\/p>\n
Ghana’s cedi is seen strengthening due to dollar inflows and central bank auctions.<\/p>\n
LSEG data showed the cedi trading at 12.30 to the dollar on Thursday, compared to 12.45 at last Thursday’s close.<\/p>\n
“The cedi is likely to post some gains against the dollar on the back of improved interbank liquidity, following the central bank’s announcement of plans to sell up to $1.15 billion in market interventions in October,” said Andrews Akoto, head of trading at Absa Bank Ghana.<\/p>\n
“We expect firm (dollar) demand from the energy, services and manufacturing sectors to be offset by offshore FX inflows and a liquid local interbank market,” he added.<\/p>\n","protected":false},"excerpt":{"rendered":"
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