Currency traders expect Ghana’s cedi, Nigeria’s naira, and Uganda’s shilling to remain under pressure in the coming week, while Kenya’s shilling and Zambia’s kwacha hold relatively steady. Ghana’s cedi is under strain from strong dollar demand among oil importers, with a recent central bank auction drawing bids nearly triple the available supply. Nigeria’s naira faces fresh pressure after the Dangote refinery began pricing domestic fuel sales in dollars. Uganda’s shilling is also expected to soften as corporate demand for dollars rebounds following mid-month tax payments. Meanwhile, Kenya’s shilling remains supported by balanced supply and demand along with recent central bank intervention, while Zambia’s kwacha is expected to find support from an upcoming treasury bill auction despite rising demand for foreign currency.
CNBC Africa