[ad_1]
(Adds the naira of Nigeria)
NAIROBI, Nov. 29 (Reuters) – Zambia's currency is expected to remain tied to ranges in the coming weeks, while Uganda's currency is expected to strengthen and Kenya's imports may be under pressure from importers.
ZAMBIA
The kwacha is expected to remain within its range due to reduced demand for dollars towards the end of the year.
Thursday, commercial banks quoted the currency of the second-largest copper producer in Africa at 12.0250 for a dollar against 11.8500 a week ago.
"This should remain at current levels because most importers have already made their provisions, thus limiting the demand for dollars," said independent financial analyst Maambo Hamaundu.
UGANDA
The Ugandan shilling is expected to strengthen over the next week as a result of reduced appetite for hard currency by importers of goods and inflows of non-governmental organizations (NGOs).
"At the moment, most importers have already met all their foreign exchange needs for buyers on vacation. So we are generally seeing stagnant demand in December, "said a merchant from a large commercial bank.
However, charities, which receive most of their hard currency donations, are expected to make significant conversions to offset their outstanding obligations for the year.
The shilling, said the trader, is expected to trade between $ 3,710 and $ 3,730 against the dollar next week.
Banks said the shilling at 3,725 / 3,735, against a close at 3:15 / 3,725 last Thursday.
KENYA
The Kenyan shilling is expected to come under pressure next week from oil and commodity importers who buy dollars to face the end-of-month obligations before the holiday season, traders said.
Commercial banks quoted the shilling at $ 102.45 / $ 65 for a dollar, unchanged from Thursday's close.
"It's mainly the importers who buy to meet future dollar requirements during the holiday season," said a senior trader at a commercial bank.
Nigeria
Nigeria is likely to ease next week, as oil prices fall and foreign capital inflows stagnate, the risk of a turbulent campaign ahead of presidential elections next year, said the traders.
The naira traded between $ 364 and $ 364.50 Thursday, against 363 euros a week earlier, traders announced. On the bureaux de change, it was listed at 366 for a dollar and 306.80 in the official market, with the support of the central bank.
"There is no new investment and oil prices are falling, so investors are watching what's going on," said a trader. "I do not see the improvement of the situation."
Traders have said that currency shortages could worsen if funds close their accounts for the year unless the central bank increases sales in dollars.
Report by Chris Mfula, Elias Biryabarema, Chijioke Ohuocha
and John Ndiso; Compiled by Omar Mohammed; Edited by David
Good man
Source link
