The naira is expected to stabilize on the parallel market after international money transfer agencies started selling dollars to Bureau De Change operators in line with the Central Bank of Nigeria directive.
The naira was quoted at 470 to the dollar on the black market on Friday, compared with 473 on Thursday.
At the interbank market, the naira closed at 305.5 per dollar.
The kwacha is likely to remain firm next week due to conversions of hard currency by companies preparing to pay taxes that are due in the local unit on October 14.
At 1117 GMT, commercial banks quoted the currency of Africa’s second-largest copper producer at 9.8900 per dollar from 9.8000 a week ago.
The Kenyan shilling is expected to remain stable in the coming week, although dollar sales from multi-national companies buying shillings to pay tax obligations could offer a boost, traders said.
At 1100 GMT, commercial banks quoted the shilling at 101.15/35 to the dollar, compared with 101.25/35 at last Thursday’s close.
The Ugandan shilling is forecast, to trade on a weaker footing as commercial banks rush to buy dollars in anticipation of further weakening of the local currency due to demand from energy and manufacturing companies.
At 1159 GMT, commercial banks quoted the shilling at 3,408/3,418, weaker than last Thursday’s close of 3,380/3,390.
A trader at one leading commercial bank said “banks will be rushing to expand positions because they don’t want to be caught short.”
The Tanzanian shilling is expected to hold steady in the days ahead, helped by subdued demand for dollars from importers.
Commercial banks quoted the shilling at 2,178/2,188 to the dollar on Thursday, weaker than 2,175/2,185 a week ago.
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