Kenya’s shilling is expected to weaken slightly against the dollar next week through Thursday, while Uganda’s will remain stable, traders said on Thursday, as other African currencies showed varying trends.

KENYA

The Kenyan shilling USDKES is expected to weaken slightly in the coming days, driven by demand from interbank and offshore players, traders said.

Commercial banks quoted the shilling at 129.70/130.10, compared with last Thursday’s close of 129.00/129.40.

A trader at one commercial bank noted persistent demand pressure from local banks and offshore players, which is likely to keep the currency under moderate depreciation pressure.

NIGERIA

Nigeria’s naira is expected to trade rangebound next week as dollar sales by the central bank and portfolio inflows help sustain liquidity in the foreign exchange market.

The naira USDNGN was quoted at 1,450 per dollar on the official market on Thursday, compared with 1,438 a week earlier.

On the parallel market (NGNP=), the currency traded at around 1,475 per dollar.

“The naira held firm this week, shrugging off modest dollar weakness thanks to central bank interventions. Market dynamics point to a rangebound bias in the coming week, supported by continued central bank action,” one trader said.

GHANA

Ghana’s cedi USDGHS is expected to remain steady next week despite a rising seasonal demand for dollars, traders said.

The currency was trading at 11.04 to the dollar on Thursday, slightly weaker than last week’s close of 10.95, according to LSEG data.

“The cedi has held relatively stable, showing only a slight depreciation bias. Market confidence is bolstered by the Bank of Ghana’s consistent interventions,” said Ronald Mensah, a trader at Stanbic Bank Ghana.

“Barring any major shifts in sentiment or liquidity, we anticipate this trend of relative stability to persist in the coming week,” he added.

However, another trader warned that a backlog of FX demand from Tuesday’s central bank auction—where bids of over $276 million exceeded the $125 million offered—could weigh on the currency in the week ahead.

UGANDA

The Ugandan shilling USDUGX is seen trading in a stable range supported by remittances, traders said.

Commercial banks quoted the shilling at 3,635/3,645, compared to last Thursday’s close of 3,610/3,620.

“We normally see a spike in remittance flows around now as foreign based workers send money for their relatives for the December festivities,” said an independent foreign exchange trader in the capital Kampala.

He said those inflows were likely to absorb a recent surge in demand pressure for hard currency and would keep the shilling oscillating in the 3,600-3,650 range against the dollar.

ZAMBIA

The kwacha USDZMW is likely to trade sideways against the dollar in the coming week supported by hard currency sales from corporates preparing to meet month-end obligations.

On Thursday, commercial banks quoted the currency of Africa’s second-largest copper producer at 23.14 per dollar from 22.70 a week ago.

“Today and in the near (term), the local unit is likely to continue trading steady,” Zambia National Commercial Bank (ZANACO) (ZNCO.LZ) said in a note.