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The outlook for African currencies is mixed in the week to Thursday, with traders seeing pressure on the cedi, shilling and Uganda’s currency, while the naira is expected to remain stable and the kwacha may strengthen. The moves are being shaped by local dollar demand, month-end flows and the fallout from the Iran war.
Ghana’s cedi could fall further as corporate demand for hard currency remains unmet on the interbank market. Traders said demand from the energy sector and dividend repatriation was likely to persist, while high oil prices were also pushing up dollar demand from importers.
Kenya’s shilling may weaken slightly because of fuel protest risks and the impact of the Iran war on sentiment. Traders said month-end demand for dollars could rise, even though healthy inflows should offer some support.
Uganda’s shilling is expected to face a weakening bias as importers in the energy and manufacturing sectors seek more dollars. Traders linked that demand to soaring global oil prices triggered by the conflict in the Middle East.
Nigeria’s naira should remain broadly stable, helped by lacklustre dollar demand and ample supply. Zambia’s kwacha, meanwhile, may gain some ground thanks to hard-currency inflows from the mining sector and foreign financial institutions.
