Omo, the currency news wey dey drop for Naija no be small! Naija naira and Zambia kwacha don dey arrange their levels against dollar, while Ghana cedi dey face wahala. Traders wan yarn say this week fit see more strength for naira, thanks to oil money and foreign investors wey dey rush for our bonds due to high yields.
As e be, naira don shift from 1,388 wey e dey last week to 1,364 for intraday trading on Thursday. But for street level, naira still dey do around 1,445. E be like say the market don change vibe, as everybody dey jollificate over oil price wey dey shine well.
One trader don talk say as bond auction dey come, liquidity fit tighten well, and naira fit waka reach 1,350 level if e continue like this. Wetin dem dey sip for Zambia? Their kwacha too dey shine, trading at 19.09 to the dollar, wey na improvement from 20.29 wey e dey last week. Naija fit learn one or two things from how Zambia dey manage their currency.
Kenya shilling no wan shake as demand dey balance from manufacturers and tourism sector. Dem dey quote am for 128.90 to 129.10 to the dollar, the same as last week. Uganda shilling dey stable, but traders dey hold their breath as interest rate decision dey come. Dem dey quote am for 3,553 to 3,563.
Now, for Ghana, e no too dey sweet o! Cedi dey face serious wahala, trading at 10.95 per dollar from 10.90 last week. The issue wey dey ground be the serious demand wey dey come from energy sector. Trader don warn say cedi go continue to dey weak if dollar demand continue dey more than supply. Wetin wan happen? E be like say Ghana go need manage their currency beta well.
As we dey look this currency matter, e clear say Naija and Zambia dey find their way, but Ghana dey struggle. Na who go dey enjoy this currency wahala? We go keep our eyes on the market as e dey develop. Make we pop small beer, gather for corner and watch as e go unfold.
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