Nairobi, Kenya – The naira no be mumu currency o, but e dey waka small small as foreign investors dey sell dem assets for Nigeria. As global investors dey fear wahala, naira dey face serious wahala wey make am dey look like say e go fall more next week. Wetin dey your own dey happen, you ask? Na as the dollar supply dey tight and trade tensions dey hot like soup for market.
As per market traders, naira don find am for 1,475 naira to 1 dollar on the official floor, which na slight change from 1,455 naira last week. For street side, e don reach 1,495 naira. E no dey easy for naira as trade tension between U.S. and China no gree lose guard, and some pipo dey bounce out.
“We don see naira take another hit this week basi wey this market wahala dey continue,” one trader yan so. E carry serious matter for body as dem dey expect more pressure for the naira until dem fit see wetin go happen with the FX demand.
On the other hand, Ghana’s cedi dey shine bright, like padi wey just come back from big party. Steel dey come from dem forex lado as cedi dey rally against the dollar, trading at 10.90 to the dollar, sharp contrast from 12.30 last week. Na true say Ghana dey get help from dem central bank wey dey do plenty for market to secure am.
”The market fit hold steady for next week as we dey expect some demand from areas like energy and manufacturing, but abeg, those cedi wey dem auction oh, only 39% uptake no dey serious. We dey gather money from mining sector too, na wetin dey steady dem market,” Andrews Akoto wey dey head trading for Absa Bank Ghana explain am.
Now, as we dey observe Kenya, their shilling dey stable for 128.95/129.35 per dollar – no wahala for dem. Central bank yan sey e dey due to good remittance and agricultural exports, confidence dey strong for the economy.
For Uganda, dem shilling no wan follow Ghana’s lead; e dey lag behind. Demand for dollar dey increase as importers dey prepare for Christmas season run come out naira. Now, dem dey quote am at 3,465/3,475 per dollar from 3,425/3,535 last week.
Dem traders talk say as importers dey grab dollars, that one go push down the local currency more. E don dey clear sey na movement on both sides go keep Uganda shilling for back-foot.
Meanwhile, Zambia’s kwacha don dey shine too, steady at 23.06 per dollar wey be slight improvement from 23.18 last week. The country dey feel vibes from mineral output wey dey improve and plenty dollar wey dey come from copper exports.
In conclusion, naira still dey fumble but e dey make sense small, cedi dey enjoy party, shilling dey hold ground. Make we just dey watch as all these currencies dey dance Chineke knows how next week go play out!
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