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NAIROBI, April 22 (Reuters) - Kenya and Zambia's currencies
are expected to come under pressure next week though Uganda's
will likely firm against the U.S. dollar, analysts and traders
said. Nigeria and Tanzania's currencies are seen holding steady.
KENYA
Kenya's shilling KES= is expected to face pressure next
week as month-end demand for dollars from importers increases.
On Thursday, commercial banks quoted the shilling at
108.35/108.55 against the dollar compared with last week's close
of 106.95/107.15.
Kenya's central bank on Tuesday cushioned the shilling by
selling dollars in the foreign exchange market. "It remains under pressure and it will depend on whether the
central bank intervenes," said one trader at a Nairobi-based
commercial bank.
ZAMBIA
The Kwacha ZMW= will likely remain on the back foot
against the dollar next week as demand for hard currency
continues to outweigh supply.
On Thursday, commercial banks quoted the currency of
Africa's second largest copper producer at 22.2275 per dollar
from a close of 22.1800 a week ago.
"Despite anticipated month-end flows, the kwacha is still
expected to trade weaker because of huge demand for dollars,"
one commercial bank trader said.
UGANDA
The Ugandan shilling UGX= is seen maintaining its
strengthening streak on the back of some end-month hard currency
inflows.
At 0736 GMT commercial banks quoted the shilling at
3,605/3,615 against the dollar, compared with last Thursday's
close of 3,615/3,625.
"Traditional month-end flows are around the corner. I
anticipate those will support the recent (strengthening) trend,"
said a trader at one of the banks, adding the flows would come
mostly from exporters of commodities and from remittances.
He said the shilling would likely strengthen beyond the key
psychological level of 3,600 in the days ahead.
NIGERIA
The naira is seen flat in the coming week after the central
bank sold more dollars on the spot and forwards market last week
to clear a backlog of demand from foreign investors seeking to
repatriate profits, traders said.
The currency NGNFX=BDCN hit a low of 422 naira against the
dollar on the over-the-counter spot market on Thursday but
recovered to 409.68 naira, a range it has been trading at since
February.
It was quoted at 486 naira per dollar on the black market
NGNFX=BDCN on Thursday, weaker than 482 naira it hit at the
start of the week. The naira remains flat on the official market
NGN=D1 , which is backed by the central bank, at 381 naira,
where it has been stuck since last July.
TANZANIA
Tanzania's shilling TZS= is expected to hold steady next
week as inflows from investors balance out demand for the dollar
from energy and manufacturing importers.
Commercial banks quoted the shilling at 2,310/2,324 against
the dollar on Thursday, nearly the same levels recorded a week
earlier.
"This coming week, we expect a stable shilling with support
from investor inflows," Terry Karanja, a treasury associate at
AZA, a Nairobi-based FX firm, said.