Major African currencies are expected to come under pressure next week due to low foreign exchange supplies and lingering concerns about global economic growth, traders said.
The head of United Bank for Africa (UBA) Philips Oduoza said on Thursday details of Nigeria's flexible currency model will be ready in a "short while", after chief executives of the country's lenders met with central bank officials. The announcement halted the free fall of the naira, while many traders expecting that the announcement of the detail would spur the alignment of the parallel market rate and the official window.
They said the shilling was likely to slip to between 101.50 and 102.20 to the dollar. At 1004 GMT, commercial banks quoted the shilling at 101.05/25 compared with 100.90/101.00 at Thursday's close.
In a budget speech on Wednesday, finance minister Matia Kasaija said the government would borrow 612 billion Ugandan shillings in the 2016/2017 (July-June) fiscal year, down from 1.4 trillion shillings in the previous period.
ZAMBIA: The kwacha is expected to remain under pressure versus the US dollar next week due to limited dollar inflows. At 1254 GMT, the kwacha was trading at 10.7550 per dollar, softer than a close of 10.5000 a week ago.