LUSAKA, June 8 Zambia's kwacha is
expected to firm in the coming week mainly due to increased
dollar inflows from corporate sellers and exporters looking to
fulfil tax payments due next Friday.
At 0700 GMT on Thursday, commercial banks quoted the kwacha
at 9.2500 per dollar, marginally stronger than 9.3000 a week
"The local unit is expected to remain buoyant as the supply
of the green currency continues to improve on the market," the
Zambian branch of South Africa's First National Bank said.
Ghana's cedi could remain under pressure next week as
weekly dollar sales by the central bank proves to be
insufficient to meet a surge in offshore demand, traders said.
The unit was trading at 4.4200 per dollar by mid-morning on
Thursday, compared with 4.3275 a week ago.
"The cedi could come under pressure if there's no
substantial support from the central bank within the week as
businesses would prefer to buy and hold to guard against further
depreciation of the cedi," analyst Joseph Biggles Amponsah of
Accra-based Dortis Research said.
The Nigerian naira is seen trading within the prevailing
band in coming days at both the official interbank window and
black market after the central bank regular intervention policy
impacted positively on dollar liquidity in the market.
The local currency was quoted at 368 per dollar on the black
market on Thursday, against 382/dollar last week, while it
trading around 305.60 to the dollar on official interbank
"Speculators have been successfully chased out of the market
with the gradual convergence in rate and improved dollar
liquidity in the market," said Aminu Gwadabe, president of the
Association of Bureau de Change operators.
The Kenyan shilling is seen trading in a narrow range
with hard currency inflows from charities and export earnings
matching oil importer demand, traders said.
Commercial banks quoted the shilling at 103.25/45 per
dollar, the same as last Wednesday's close. Markets were closed
on Thursday for a Kenyan public holiday.
"We're likely to see some cagey movement ... some support
from charities," said a trader from a commercial bank.
The Tanzanian shilling is expected to hold steady in
the coming days as market players await the outcome of the
debate on the 2017/18 fiscal year budget proposals in
Commercial banks quoted the shilling at 2,235/2,245 to the
dollar on Thursday, weaker than 2,238/2,243 a week ago.
The Ugandan shilling is seen trading rangebound as
investors try to figure out the implications of key
announcements like the government's planned borrowing in the
next fiscal year budget, traders said.
Commercial banks quoted the shilling at 3,585/3,595,
stronger than last Thursday's close of 3,590/3,600.
(Reporting by Chris Mfula, Kwasi Kpodo, Oludare Mayowa, John
Ndiso, Fumbuka Ng'wanakilala and Elias Biryabarema; Compiled by
Olivia Kumwenda-Mtambo; Editing by Ed Stoddard)