![]() ![]() "Pressure on the local unit has eased a tad in recent sessions. Ghana's cedi is expected to be relatively stable next week due to easing demand for dollars from local corporates and some central bank intervention, traders said. "We should see more depreciation on the official market next week." ![]() ![]() (and) the central bank has been keeping mute (on intervention), which is causing the naira depreciate," one trader said. The currency hit a record low of 1,155 naira to the dollar on the parallel market on Thursday after it hit a new low of 999 naira on the official market. Nigeria's naira could ease in the coming week on the official and parallel markets after the currency hit record lows amid a central bank pledge to boost dollar supply in the market, which is yet to materialise. "The FX demand pipeline continues to grow, with significant appetite from the energy sector as it stocks up petroleum products," the local branch of South Africa's First National Bank (FNB) said in a note. On Thursday, commercial banks quoted the currency of Africa's second-largest copper producer at 21.79 per dollar from 21.73 a week ago. The kwacha will likely continue trading on the back foot against the dollar next week as demand for petroleum products weighs on the local unit. I have seen manufacturing and energy (sectors) buy (dollars)," a trader at one commercial bank said. The shilling's present level - first touched on Wednesday - is a record low, according to LSEG data. Commercial banks quoted the shilling at 149.80/150.00 per dollar, compared with last Thursday's closing rate of 148.85/149.05. ![]()
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