Ghana’s cedi is predicted to continue its weakening trend in the coming week, driven by sustained corporate demand from the energy, services, and construction industries. On the other hand, the naira is seen maintaining its stability, while the Kenyan shilling is also predicted to remain steady.
GHANA
Ghana’s cedi is seen weakening in the coming week, driven by sustained corporate demand from the energy, services, and construction industries.
The cedi closed the week at 10.97 on Thursday, compared to 10.85 the previous week, according to data from the London Stock Exchange.
“The local currency is under mild pressure, and FX demand continues to outstrip supply,” said Ronald Mensah, a trader at Stanbic Bank Ghana.
However, Andrews Akoto, the head of trading at Absa Bank Ghana, said the cedi might benefit from increased volumes in the central bank’s spot auctions in February compared to January’s $1 billion.
UGANDA
Uganda’s shilling is predicted to continue its weakening trend in the coming week, driven by increased demand for hard currency from energy importers.
The shilling was quoted between 3,562/3,572 on Thursday, compared to 3,475/3,485 the previous Thursday.
Energy importers are in the market, and we think their demand will weigh negatively on the shilling in the coming days,” said an independent forex trader in Kampala.
The trader predicted the shilling to be traded between 3,560 and 3,580.
NIGERIA
Nigeria’s naira is expected to trade flat next week, supported by foreign portfolio flows from the recent bond sale auction. The local currency traded at 1,388 to the dollar on Thursday on the official market, up from 1,419 a week ago.
“It would remain fairly stable and could strengthen further with a bond auction in the coming week,” one trader said. The naira was also traded at 1,470 per dollar on the parallel market.
KENYA
Kenya’s shilling is seen trading flat in the week ahead, backed by balanced demand and supply dynamics. The commercial banks’ quotes on Thursday showed that the shilling traded between 128.80/129.10 per dollar, similar to the levels seen last week at 128.95/129.10.
“The demand for the shilling doesn’t seem very high, but inflows are still strong, which makes the shilling remain stable,” one trader said.
ZAMBIA
Zambia’s kwacha exchange rate is set to continue its upward trend against the dollar in the week ahead, supported by strong foreign exchange flows from copper export earnings.
Zambia’s local currency traded at 20.29 per dollar on Thursday, from 20.53 per dollar in the previous week.
“Overall, a surge in copper output and sustained high global prices bode favourably for the kwacha’s outlook in the medium term,” Access Bank (ACCESS.GH) said in a note after Zambia announced an 8% increase in its 2025 copper production.
Copper, which accounts for over 70% of Zambia’s export revenues, has benefited from high prices globally due to strong demand from green technologies.
