African currencies showed mixed performance in the past week with Nigeria’s naira expected to gain slightly while Ghana’s cedi and Zambia’s kwacha face renewed pressure. Kenya’s shilling is projected to remain stable.
In Nigeria, the naira traded at ₦1,478 per dollar on the official market compared to ₦1,485 a week earlier.
Traders said the local currency is supported by central bank dollar sales and rising foreign reserves, easing liquidity pressure in the market.
Ghana’s cedi weakened to 12.50 per dollar from 12.30 a week earlier, driven by persistent dollar demand from the manufacturing, energy and services sectors.
Market analysts noted that despite central bank FX auctions, demand for dollar inflows outside the official window remains elevated.
Zambia’s kwacha also weakened, trading at 23.99 per dollar compared to 23.97 the week before. Corporate demand for hard currency continues to outweigh supply, leaving the unit on the defensive.
Kenya’s shilling remained steady at 129.00/40 per dollar versus 128.90/129.30 a week earlier with traders noting that balanced dollar demand and supply have kept the currency stable through the year.
The divergent trends reflect differences in central bank interventions, domestic dollar demand, and macroeconomic pressures across African economies.
While Nigeria benefits from stronger reserve buffers and policy support, Ghana and Zambia continue to face structural pressure on their currencies, and Kenya maintains relative stability through managed flows.