Market News

GHANA

Ghana's cedi is expected to lose further ground next week due to high corporate dollar demand on the interbank market.

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LSEG data showed the cedi trading at 10.80 to the U.S. currency versus 10.70 a week earlier.
"The dollar is likely to remain on the front foot in the coming week due to firm corporate demand, particularly from the energy and construction sectors," said Andrews Akoto, head of trading at Absa Bank Ghana.
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"The central bank sold $125 million against total bids of $424 million at the FX auction on Tuesday. The backlog of demand is likely to weigh on the local unit in coming sessions," he added.
Another trader said demand for foreign currency was likely to remain strong as companies resume full operations after the holidays.

NIGERIA

Nigeria's naira is seen stable on the official market next week, helped by central bank interventions.
The naira was quoted at 1,422 to the dollar on Thursday, compared with 1,419 a week earlier.
The currency was changing hands at 1,495 to the dollar in street trading .
"I expect relative stability coming from last week. We would likely remain in the same range next week," a trader said.

KENYA