Kenya’s shilling should continue its long-running stable trend, supported by dollar inflows from investors buying government bonds. Commercial banks quoted the shilling at 129.25/45 to the U.S. currency, compared with last Thursday’s close of 129.20/40.
“We are not seeing much strong demand (for dollars). The view is that it (the shilling) is going to be stable,” one trader said. Nigeria’s naira is expected to hold steady, buoyed by central bank dollar sales.
The currency was quoted at 1,360 to the dollar on the official market on Thursday, versus 1,373 a week ago. The unit was changing hands at 1,425 to the dollar in street trading on Thursday. “I expect the naira to be stable, particularly given the Central Bank of Nigeria’s presence in the market … to ease demand pressure,” a trader said.
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Ghana’s cedi will probably stay around its current levels next week thanks to mining sector dollar inflows and easing corporate demand. LSEG data showed the cedi trading at 11.72 to the dollar, compared to 11.67 a week earlier. “The cedi is likely to hold steady against the dollar in the coming week, supported by improved interbank liquidity and mining-sector FX inflows,” a trader said.
“Demand at the last central bank FX auction still exceeded supply, but the backlog narrowed from the levels seen at the preceding auction,” the trader added. Zambia’s kwacha is likely to remain under pressure next week, as investors are cautious ahead of the August 13 general election.
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