Ghana’s currency is expected to weaken against the US dollar in the coming days, traders said, while the currencies of Nigeria, Kenya and Zambia are likely to remain broadly stable.
In Ghana, the cedi has come under pressure from sustained demand for dollars by businesses, particularly importers and companies making energy-related payments.
The cedi was trading at around 13.35 to the dollar on Thursday, compared with about 13.15 a week earlier, according to local market data.
Traders said foreign exchange supply remains limited, despite efforts by the central bank to smooth volatility through market interventions. Ghana has made progress in restoring macroeconomic stability following a debt restructuring and an IMF-backed reform programme, but pressures on the currency persist.
“Corporate demand for dollars remains high, and inflows have not been strong enough to offset it,” a currency dealer in Accra said.
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In Nigeria, the naira is expected to remain stable, supported by central bank interventions and improved dollar liquidity in the official market.
The naira was trading at around 1,520 per dollar on Thursday, little changed from the previous week. Traders said inflows from oil exports and offshore investors have helped stabilise the currency after a period of sharp volatility earlier in the year.
Kenya’s shilling is also expected to hold steady, supported by inflows from agriculture exports and remittances from Kenyans living abroad.
The shilling was trading at about 157.50 to the dollar on Thursday, broadly unchanged from a week earlier, traders said. Balanced demand and supply in the foreign exchange market have helped keep the currency stable.
In Zambia, the kwacha is expected to trade within a narrow range, supported by copper export receipts.
The kwacha was quoted at around 24.80 per dollar on Thursday, compared with 24.75 a week earlier. Traders said demand for dollars from importers could limit gains, even as higher copper prices provide some support.
Analysts said currencies across sub-Saharan Africa remain sensitive to movements in the US dollar and global financial conditions.
