African currencies week ahead: African currencies seen broadly steady next week

Several major African currencies were expected to hold steady or stay with a tight band in the week ahead.
KENYA: The Kenyan shilling was expected to trade in a tight range against the dollar next week mainly with dollars flowing in from Kenyans abroad and farm exports matching demand. The shilling was trading at 101.27/47 per dollar on Friday from 101.45/55 a week ago.
UGANDA: The Ugandan shilling is expect to hold firm next week, supported by foreign exchange flows from commodity exports and helped by Thursday's mop-up of excess local currency liquidity worth 516.8 billion shillings ($155 million).
On Friday, commercial banks quoted the shilling at 3,365/3,375, unchanged from last week's close 3,365/3,375. "Some support may come from inflows from commodity exporters and the liquidity mop-up," said Faisal Bukenya, head of market making at Barclays Bank, forecasting that the currency would trade around the 3,365-3,380 level.
TANZANIA: The Tanzanian shilling is expected to stay firm in the week ahead, with muted demand for dollars from local importers, analysts said. Commercial banks quoted the shilling at 2,181/2,191 to the dollar on Thursday, unchanged from 2,181/2,191 a week earlier.
"As we approach the end of the month, we expect to see some companies offloading dollars to meet taxes and salary obligations. So the shilling will likely maintain the same levels next week," said William Francis, a dealer at Commercial Bank of Africa Tanzania.
GHANA: Ghana's cedi could slip slightly against the dollar next week as companies seek dollars, traders said. The currency was quoted by commercial banks at 3.8500/4.0500 on Friday.
"The cedi is expected to slip marginally against the USD in the period, if sufficient dollar supply is not seen," said Joseph Biggles Amponsah, analyst at Accra-based Dortis Research.
ZAMBIA: Zambia's kwacha is likely to hold firm next week, with investors encouraged by the peaceful conduct of elections even though the opposition has challenged the outcome. Commercial banks quoted the currency of Africa's second leading copper producer on Friday at 9.9350/9.9550 to the dollar.
NIGERIA: The Nigerian naira is expected to trade within a tight range on the interbank market next week supported by central bank dollar sales to meet demand as currency traders continue to wait for offshore flows to return.
On the Thursday, the naira touched an all-time low of 365.25. The bank, which is the main supplier of dollars on the interbank market, has been selling almost daily to improve liquidity.