Ghana’s currency is anticipated to strengthen, while Zambia is expected to face challenges

Traders anticipate that Ghana’s cedi will experience a slight appreciation against the U.S. dollar in the upcoming week. In contrast, Zambia’s kwacha is expected to face challenges, while Kenya’s shilling, Nigeria’s naira, and Uganda’s shilling are projected to remain largely stable.

Kenya

Kenya’s shilling is anticipated to remain stable in the coming week. The shilling was exchanged at 129.40/90 per dollar, in contrast to last Thursday’s closing rate of 129.25/75.

Nigeria

Nigeria’s naira is expected to maintain stability as the central bank persists with dollar interventions to counteract demand from foreign investors looking for safer assets amid ongoing volatility related to U.S. trade tariffs.

On Thursday, the naira was quoted at approximately 1,599 to the dollar during intraday trading, in contrast to a closing quote of 1,630 naira from the previous week.

On Thursday, the unit was traded at 1,610 naira to the dollar in street transactions.

“The central bank has managed to halt the decline in the naira exchange rate, indicating that we anticipate the unit will stabilize around 1,600 in the upcoming week,” one trader stated.

Ghana

Ghana’s cedi is anticipated to achieve slight improvements against the dollar in the coming week, bolstered by robust central bank support amidst the prevailing uncertainty surrounding U.S. trade tariffs.

LSEG data indicated that the cedi was trading at 15.4300 to the dollar on Thursday, in contrast to 15.4500 at the close of the previous Thursday. The cedi has strengthened this week due to heightened backing from the central bank. “Interbank liquidity has seen notable improvement, with bid-offer spreads tightening considerably as an increasing number of market makers have actively displayed firm prices,” stated Sedem Dornoo, senior trader at Absa Bank Ghana. “Looking forward, we anticipate ongoing liquidity, with potential for the local currency to achieve additional gains as FX supply stays robust,” he noted.

Uganda

The Ugandan shilling is projected to remain stable in the upcoming week, bolstered by an expected decrease in demand for dollars during the brief Easter holiday period.

Commercial banks reported the shilling at 3,660/3,670, in contrast to last Thursday’s closing rate of 3,680/3,690.

“Due to the Easter holiday, several businesses will be closed, leading us to expect subdued activity on the demand side,” stated an independent foreign exchange trader in the capital, Kampala.

He mentioned that the shilling is expected to trade within the range of 3,650 to 3,670 in the upcoming week.

Markets in Uganda will be closed on Friday and Monday in observance of the Easter holiday.

Zambia The kwacha is anticipated to face ongoing pressure against the dollar in the coming week, as the demand for hard currency continues to surpass supply. On Thursday, the currency of Africa’s second largest copper producer was valued at 28.67 per dollar, a decrease from 28.75 the previous week.

“Access Bank (ACCESS.GH) noted that the kwacha is likely to experience additional losses if there are no significant foreign currency inflows or changes in macroeconomic fundamentals.”