African currencies week ahead: Ugandan shilling to gain, Nigeria's naira to ease

Kenya's shilling is forecast to hold steady against the dollar in the next week to Thursday, while Uganda's shilling will gain ground and Zambia's kwacha will hold steady, traders said.
KENYA - The Kenyan shilling is expected to remain stable against the dollar, with market players eyeing shilling liquidity in the money market as end-of-month dollar demand from oil importers subsides, traders said. Commercial banks quoted the shilling at 102.10/20 per dollar, compared with 101.05/25 at last Thursday's close.
"It's a factor of the liquidity in the money market after end-month demand takes a backseat...The bigger picture shows a stable shilling," said one senior commercial bank trader.
UGANDA - The Ugandan shilling is expected to gain in the coming days on inflows from charities and exporters of coffee and other commodities.
Commercial banks quoted the shilling at 3,735/3,745, stronger than last Thursday's close of 3,755/3,765.
NIGERIA - Nigeria's naira is expected to ease slightly as investors purchase foreign currency to repatriate funds abroad, following the maturity of $371 million worth of naira futures, boosting dollar demand, traders said. The naira closed at 363.56 for investors on Wednesday. The currency has seen few deals on Thursday as traders focus on the purchase of open market treasury auction, traders said.
On the official market, the naira was quoted at 306.50 per dollar.
ZAMBIA - The kwacha is expected to remain range-bound next week with market dynamics mainly controlled by supply and demand. Commercial banks quoted the currency of Africa's second-largest copper producer at 11.8500 per dollar from 11.6500 a week ago.
GHANA - The cedi could come under seasonal pressure as dollar demand rises from corporate and commerce operators who need to settle end-of-year import bills, analysts said.
After touching new lows in September, the local unit recovered against the dollar to rally 2 percent by the close of October. It was trading at 4.8750 to the dollar by mid-morning on Thursday, compared to 4.8500 a week ago.