• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Most African currencies seen weakening, Ghana and Tanzania steady

2 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News, Markets
3 min read
0 0
0
62
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Most African currencies seen weakening, Ghana and Tanzania steady

Kenya’s shilling, Zambia’s kwacha, Nigeria’s naira and the Ugandan shilling are forecast to lose ground against the dollar in the next week to Thursday, traders said.

KENYA

Kenya’s shilling is expected to weaken due to persistent demand for dollars from the manufacturing and energy sectors.

Commercial banks quoted the shilling at 149.80/150.00 per dollar, compared with last Thursday’s closing rate of 148.85/149.05. The shilling’s present level – first touched on Wednesday – is a record low, according to LSEG data.

“The shilling is weakening daily. I have seen manufacturing and energy (sectors) buy (dollars),” a trader at one commercial bank said.

ZAMBIA

RelatedPosts

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

The kwacha will likely continue trading on the back foot against the dollar next week as demand for petroleum products weighs on the local unit.

On Thursday, commercial banks quoted the currency of Africa’s second-largest copper producer at 21.79 per dollar from 21.73 a week ago.

“The FX demand pipeline continues to grow, with significant appetite from the energy sector as it stocks up petroleum products,” the local branch of South Africa’s First National Bank (FNB) said in a note.

NIGERIA

Nigeria’s naira could ease in the coming week on the official and parallel markets after the currency hit record lows amid a central bank pledge to boost dollar supply in the market, which is yet to materialise.

The currency hit a record low of 1,155 naira to the dollar on the parallel market on Thursday after it hit a new low of 999 naira on the official market .

“We are seeing wide swings on currency … (and) the central bank has been keeping mute (on intervention), which is causing the naira depreciate,” one trader said.

“We should see more depreciation on the official market next week.”

GHANA

Ghana’s cedi is expected to be relatively stable next week due to easing demand for dollars from local corporates and some central bank intervention, traders said.

“Pressure on the local unit has eased a tad in recent sessions. We expect the currency to hold fairly steady against the dollar in the coming week as corporate FX demand remains contained amidst increased support from the central bank,” Sedem Dornoo, Senior trader Absa Bank Ghana Limited, said.

“It’s been relatively quiet on the interbank market this week, and the central bank has been active in providing support. We expect a fairly stable cedi in the coming sessions,” one trader added.

UGANDA

The Ugandan shilling is seen weakening in the coming days as demand from importers looking to ship in goods for Christmas puts the local unit under pressure.

At 1112 GMT commercial banks quoted the shilling at 3,750/3,760, compared to last Thursday’s close of 3,745/3,755

“Around this time of the year activity on the demand side usually surges, I think this will trigger a bit of pressure on the local unit,” said an independent foreign exchange trader in the capital Kampala.

TANZANIA

Tanzania’s shilling is expected to hold steady next week with inflows from tourism and investments helping to cushion the demand of US dollar from importers.

Commercial banks quoted the shilling at 2,495/2,505 on Thursday, compared to 2,500/2,510 recorded last week’s close.

Tags: African currenciesGhana and Tanzania steadyMost African currencies seen weakening
No Result
View All Result

Highlights

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Tanzania Sink Burkina Faso to Delight Home Crowd In TotalEnergies CHAN 2024 Opener

Trending

Features

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

MTN Nigeria Now the Most Capitalized Stock in Nigeria MTN Nigeria has surged to become the most...

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

US Companies Cut Investments in China to Record Lows, Here’s Why

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.