JOHANNESBURG, Jan 28 (Reuters) - Africa's major currencies
are set to experience a mixed trade next week as worries over
economic activity and debt sustainability offset largely risk-on
global sentiment.
NIGERIA
The naira is seen flat in the coming week, as the central bank
turns the spotlight to exporters to try to boost foreign
exchange liquidity after it eased rules on diaspora remittances
last month, traders said.
The naira was quoted at 478 per dollar on the black market,
a level it traded on Thursday and Wednesday, compared with
394.33 naira on the over-the-counter spot market.
The currency has been under pressure on the black market
NGNFX=BDCN , where it trades more freely, widening the gap with
the official rate. The central bank plans to bar exporters who
fail to remit dollar proceeds from banking services.
The naira is quoted at 381 to the dollar on the official
market, a level set in July and backed by the central bank.
TANZANIA
Tanzania's shilling is expected to hold steady next week as
inflows from mining and agricultural exports match the demand
for the U.S. dollar from energy and manufacturing importers.
Commercial banks quoted the shilling at 2,314/2,324 on
Thursday, unchanged from the last week's close.
"Dollar inflows from mining exports, including gold, and
horticultural products are likely to balance demand from the
energy and manufacturing sectors in the near term, while further
dollar inflows are anticipated from international lenders,"
Terry Karanja, a treasury associate at AZA, a Nairobi-based FX
trading firm, said.
KENYA
The Kenyan shilling KES= is expected to remain stable, helped
by low dollar demand as cash flows are expect to be matched.
At 0715 GMT, commercial banks posted the shilling stronger
at 109.75/95 versus 109.70/90 last Thursday.
"I don't expect much change. Usually demand for the dollar
comes in through this week. I expect it to remain stable next
week," said a senior trader at a commercial bank.
UGANDA
The Ugandan shilling UGX= is seen trading in a stable
range in the coming days as players await key economic data
before taking big positions.
At 1025 GMT commercial banks quoted the shilling at
3,685/3,695, compared to last Thursday's close of 3,680/3,690.
The statistics office is expected to release this month's
consumer price index data on Friday while the central bank is
also due to announce its latest policy rate early February.
"Some players might wait to take positions until this key
economic data comes out especially the policy rate," said a
trader at one of the commercial banks.
ZAMBIA
Zambia's kwacha currency ZMW= is set to remain on the back
foot in the coming week, as the country's struggle to service
its sovereign debt remains a drag on sentiment despite
supportive copper prices globally.
On Thursday, commercial banks quoted the currency of
Africa's second largest copper producer at 21.3800 per dollar,
down from a close of 21.2350 a week ago.
The prospects for higher demand from top consumer China and
vaccine optimism had pushed copper prices to their highest in
nearly eight years earlier this month, although prices have
dipped slightly this week.