Nigeria's naira, Kenya's shilling and Zambia's kwacha are expected to be under pressure this week. Kenya's shilling is expected to extend its gradual march lower as foreign-currency demand ramps up from all sectors before the end of the year. Commercial banks quoted the shilling at 152.70/90 per U.S. dollar, compared with last Thursday's closing rate of 152.20/40. The Shilling hit a new record low on Thursday of 152.75/95.

Nigeria's naira will likely lose ground on the parallel market , as the Central Bank is yet to clear outstanding foreign-currency amounts owed in forward deals. The naira sold for 1,160 to the dollar in street trading where it trades freely on Thursday, weaker than 1,130 naira a week ago. The unit traded around 800 naira per dollar in official trading on Thursday afternoon , after falling as low as 1,051 naira in early trade.


Source: reuters.com