Zambia's kwacha is likely to firm after issuing a Eurobond of as much as $2 billion, one of frontier Africa's biggest international bonds, while Nigeria's naira could be affected by Friday's rate-setting meeting.
At 0910 GMT on Thursday, commercial banks quoted the currency of Africa's No 2 copper producer at 7.6350 per dollar, stronger than 7.7200 at which it closed a week ago.
"This development could give the kwacha a boost in the short term," the local unit of South Africa's First National Bank (FNB) said in a note referring to the bond sale.
The kwacha should get further support from the easing of the Greek debt crisis and signs of recovery in top copper consumer China, Zambia's central bank governor has said.
"We are very optimistic that the central bank would come out with some measures to support the naira at the end of its MPC meeting on Friday," one dealer said.
The local currency traded at 199.50 to the dollar on the interbank market at 1047 GMT, compared with the 197 per dollar rate it closed at on Wednesday. The bank introduced tight controls on the foreign exchange market in February At the parallel market, the naira slid to 243, down 0.83 percent from the previous day. A Reuters poll showed the bank could hold interest rates for now.
"There's an uptick in appetite from corporates mainly from manufacturing and energy sector," said Faisal Bukenya, head of market making at Barclays Bank. "The tone in the coming days is likely to be bearish overall."