Zambia’s kwacha is under pressure due to high demand for foreign currency, with a current exchange rate of 28.36 per dollar. Meanwhile, Nigeria’s naira is stable on account of central bank support, Ghana’s cedi remains steady due to low foreign-currency demand, and Uganda’s shilling is supported by strong coffee exports. Overall, the trend in the region shows varied stability among currencies except for Zambia.
LUSAKA: At present, Zambia’s currency, the kwacha, is expected to face ongoing pressure over the next week, largely due to a higher demand for hard currency relative to its supply. Currently, the kwacha is quoted at 28.36 per dollar, increased from 28.15 per dollar just a week ago. The Zambia National Commercial Bank has noted that minor losses are likely as this trend continues.
In summary, while Zambia’s kwacha is struggling under pressure, other currencies in the region such as Nigeria’s naira, Ghana’s cedi, and Uganda’s shilling are projected to remain stable. Factors such as central bank interventions and specific economic sectors are playing crucial roles in these currency valuations.
Original Source: www.brecorder.com
