Nigerian, Ghanaian and Zambian currencies seen under pressure
July 18 (Reuters) -The Nigerian, Ghanaian and Zambian currencies are forecast to be under pressure against the dollar in the next week to Thursday, while the Ugandan shilling is expected to strengthen, traders said.
NIGERIA
Nigeria's naira is expected to lose ground in the coming week after it fell to its lowest level in four months earlier this week, owing to a build up in demand in the face of irregular dollar supply from the central bank.
The naira NGN=D1 was quoted at 1,620 to the dollar on the official market on Thursday, LSEG data showed, compared with around 1,534 a week earlier.
The currency was changing hands at 1,640 to the dollar in street trading NGNP=.
One trader said naira rates will continue to weaken unless the central bank supplies dollars.
On Thursday, the central bank sold the dollar at 1,450 naira to retail exchange bureaux to prop up the currency.
"Demand is building up. If (the central bank) can come to the market with $200 million or $300 million, that will have more impact than selling in trickles," the trader said.
GHANA
Ghana's cedi GHS= is likely to remain on the ropes next week amid increased demand for dollars from corporates in the manufacturing sector.
LSEG data showed the cedi trading at 15.40 to the dollar on Thursday, compared with 15.35 at last Thursday's close.
"After a period of relative stability, USD/GHS inched higher in recent sessions as FX demand increased a tad. The bulk of the demand has been from the manufacturing sector," said Sedem Dornoo, senior trader at Absa Bank Ghana.
"In the coming week, we expect FX demand to remain strong and could see some upward pressure on the pair as a result," he added.
One trader said strong central bank support could help ease the pressure on the cedi in the coming sessions.
UGANDA
The Ugandan shilling UGX= is seen trading with a firming tone, helped by hard currency inflows from agricultural commodities like coffee, traders said.
Commercial banks quoted the shilling at 3,685/3,695,compared to last Thursday's close of 3,695/3,705.
An independent foreign exchange trader in the capital Kampala said they anticipated significant inflows from the coffee sector in the coming days on the back of a surge in exports of the crop.
"(Hard currency) inflows by players in the coffee sector have been quite strong and I would anticipate this dynamic will go on for while," he said.
Uganda's coffee exports rose last month by 18.2% from a year earlier helped by a bumper crop in the south and south-west regions, according to the state-run sector regulator.
ZAMBIA
The kwacha ZMW= is likely to remain under pressure against the dollar next week as demand for hard currency continues to outweigh supply.
On Thursday, the currency of Africa's second-largest copper producer was quoted at 26.25 per dollar from 25.35 a week ago.
"In the near term, the kwacha is expected to decline," Access Bank said in a note.
Reporting by Chris Mfula, Christian Akorlie, Elias Biryabarema, Chijioke Ohuocha; Editing by Anait Miridzhanian
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