AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 132.66 Increased By ▲ 3.13 (2.42%)
BOP 6.89 Increased By ▲ 0.21 (3.14%)
CNERGY 4.57 Decreased By ▼ -0.06 (-1.3%)
DCL 8.92 Decreased By ▼ -0.02 (-0.22%)
DFML 42.75 Increased By ▲ 1.06 (2.54%)
DGKC 84.00 Increased By ▲ 0.23 (0.27%)
FCCL 32.90 Increased By ▲ 0.13 (0.4%)
FFBL 77.06 Increased By ▲ 1.59 (2.11%)
FFL 12.20 Increased By ▲ 0.73 (6.36%)
HUBC 110.01 Decreased By ▼ -0.54 (-0.49%)
HUMNL 14.40 Decreased By ▼ -0.16 (-1.1%)
KEL 5.53 Increased By ▲ 0.14 (2.6%)
KOSM 8.32 Decreased By ▼ -0.08 (-0.95%)
MLCF 39.67 Decreased By ▼ -0.12 (-0.3%)
NBP 65.50 Increased By ▲ 5.21 (8.64%)
OGDC 198.74 Decreased By ▼ -0.92 (-0.46%)
PAEL 26.00 Decreased By ▼ -0.65 (-2.44%)
PIBTL 7.62 Decreased By ▼ -0.04 (-0.52%)
PPL 159.00 Increased By ▲ 1.08 (0.68%)
PRL 26.24 Decreased By ▼ -0.49 (-1.83%)
PTC 18.35 Decreased By ▼ -0.11 (-0.6%)
SEARL 82.24 Decreased By ▼ -0.20 (-0.24%)
TELE 8.12 Decreased By ▼ -0.19 (-2.29%)
TOMCL 34.40 Decreased By ▼ -0.11 (-0.32%)
TPLP 8.98 Decreased By ▼ -0.08 (-0.88%)
TREET 16.88 Decreased By ▼ -0.59 (-3.38%)
TRG 59.49 Decreased By ▼ -1.83 (-2.98%)
UNITY 27.52 Increased By ▲ 0.09 (0.33%)
WTL 1.40 Increased By ▲ 0.02 (1.45%)
BR100 10,614 Increased By 206.9 (1.99%)
BR30 31,874 Increased By 160.5 (0.51%)
KSE100 98,972 Increased By 1644 (1.69%)
KSE30 30,784 Increased By 591.7 (1.96%)
Markets

Kenya's shilling to ease, Nigeria's naira to hold steady

  • The Kenyan shilling is seen easing, on strong dollar demand from general merchandise importers and manufacturers.
  • Commercial banks quoted the shilling at 109.75/109.95, compared with last Thursday's close of 109.55/109.75.
Published March 18, 2021

NAIROBI: Kenya's shilling is expected to weaken against the US dollar in the next week to Thursday, while Uganda's shilling and Zambia's kwacha will hold steady, traders said.

KENYA

The Kenyan shilling is seen easing, on strong dollar demand from general merchandise importers and manufacturers.

Commercial banks quoted the shilling at 109.75/109.95, compared with last Thursday's close of 109.55/109.75.

"We expect the shilling to remain under pressure due to an end of month increase in demand from the energy sector and manufacturing as well as general importers," said a trader at one commercial bank.

UGANDA

The Ugandan shilling is seen trading in a broadly stable range on the back of a slowdown in demand from foreign-owned corporates.

Commercial banks quoted the shilling at 3,665/3,675, per dollar compared with last Thursday's close of 3,660/3,670.

"In last couple of weeks foreign-owned corporates were in the market because it is dividends season but I think that demand is getting exhausted," said an independent foreign exchange trader in the capital Kampala.

The local currency, he said, would likely oscillate in the 3,655-3,685 range.

NIGERIA

The naira is seen flat in the coming week as dollar shortages persist and traders bid for the currency with a range on the spot market in an attempt to fill their order book.

The currency was quoted at 485 per dollar on the black market on Thursday, the same level it was quoted at last week.

It traded with a range of 407 to 410 naira on the spot market but remained flat on the official market backed by the central bank at 381 naira since last July.

Nigeria's central bank governor this week said the economy needs to be given a chance to reset and diversify, addressing foreign exchange management concerns raised by the World Trade Organization.

ZAMBIA

The kwacha will likely continue trading within the current range against the dollar supported by month-end hard currency sales.

On Thursday, commercial banks quoted the currency of Africa's second-largest copper producer at 21.9800 per dollar from a close of 21.9450 last Thursday.

"We still have high demand for the dollar amid erratic inflows but the kwacha should get some support from corporates that will be preparing for month-end payments," one commercial bank trader said.

Comments

Comments are closed.