African currencies week ahead: Nigeria's naira under pressure after gasoline price hike

Nigeria's naira will likely weaken against the dollar next week after the country increased gasoline prices by 67 percent, while a positive review from the International Monetary Fund could keep Ghana's cedi steady.
NIGERIA: The naira is seen depreciating after the West African country raised gasoline prices by 67 percent. The local currency weakened to 324 to the dollar on the parallel market on Thursday, down 1.25 percent compared to last week's close, while trading at 199.40 to the dollar on the official interbank market, around the 197 official peg rate.
"There is dollar scarcity right now in the market, even at 324 naira you can't find dollar to buy," one trader told Reuters. Traders said expected pressure from fuel importers could further push down the naira value in the coming days.
GHANA: The cedi could remain firm on expected greenback inflows following a positive review of Ghana's fiscal consolidation plan by the International Monetary Fund (IMF). The cedi has steadied in recent months on sustained forex inflows from offshore and local dollar sellers, including the central bank. The bank sold at 3.8195 to the greenback at 1100 GMT on Thursday, from 3.8150 a week ago and down 0.51 percent year-to-date, according to Thomson Reuters data.
"Driven by adequate dollar supply from major sectors, the pair could touch 3.8170 in the period," analyst Joseph Biggles Amponsah of the Accra-based Dortis Research said.
Ghana, which exports gold, cocoa and oil, signed a three-year, $918 million deal with the IMF a year ago to restore fiscal balance and the Fund said on Wednesday it was broadly satisfied with implementation of the programme so far. KENYA: The shilling was expected to stay around the 100.50 to 100.70 level next week, with demand for dollars from manufacturers and other companies matched by the steady inflows of foreign exchange from exporters. By 0653 GMT, the shilling was quoted at 100.45/65, compared with last Thursday's close of 100.40/50. "We remain locked between 100.50 and 100.70. Unless big orders come in from manufacturers and exporters, as of now demand and supply remain well matched," said a trader from a commercial bank.
TANZANIA: The shilling is expected to hold steady, helped by subdued demand for the US currency. Commercial banks quoted the shilling between 2,185 and 2,195 to the dollar on Thursday, unchanged from a week ago. "All the demand for dollars is currently quenched by the available supply in the market," said William Francis, a dealer at Commercial Bank of Africa Tanzania.
ZAMBIA: The kwacha is likely to remain on the back foot, pressured by low foreign exchange supplies. "There is very limited supply of dollars from mining companies and other exporters and demand is on the increase," one commercial bank trader said. The currency of Africa's second-largest copper producer traded at 9.9700/9.9900 per dollar compared with 9.6900 last Thursday.
UGANDA: Ugandan markets were closed on Thursday for the inauguration of President Yoweri Museveni for another five-year term.