Ghana cedi, Nigerian naira and Ugandan shilling expected to face pressure next week

The Ghana cedi, Nigerian naira and Ugandan shilling are expected to come under renewed pressure in the coming week, while the Kenyan shilling and Zambian kwacha are likely to remain broadly stable, according to a survey of traders conducted by Reuters.

Andrews Akoto, Head of Trading at Absa Bank Ghana, attributed the expected pressure on the local currency to rising demand for foreign exchange in the energy sector.

African currencies could come under fresh pressure next week, with traders forecasting further weakness for the Ghana cedi, Nigerian naira and Ugandan shilling.