The Nigerian and Ghanaian currencies are expected to be broadly stable in the next week to Thursday, thanks to Central Bank support, traders said.
The naira is seen holding steady as Central Bank dollar sales counteract pressure from foreign investors trying to pull their money to safe havens because of United States (U.S.) President Donald Trump’s changing tariff policies, according to a report in Reuters today.
The report said the naira was quoted around N1,620 to the dollar in intraday trading on Thursday, April 10, compared with a closing quote of N1,530 a week earlier.
The unit was sold at N1,620 to the dollar in street trading on Thursday.
“We are seeing a lot of foreign investors trying to leave the market. But with the 90-day freeze (in Trump’s tariffs) we expect some slower movement,” one trader said.
Ghana’s cedi is expected to remain broadly stable next week, also thanks to Central Bank support meeting increased demand for dollars.
LSEG data showed the cedi trading at 15.45 per dollar on Thursday, the same as last Thursday’s close.
“The cedi opened the week on the back foot against the dollar, as US tariff concerns spurred offshore demand for the greenback.
“However, timely intervention by the Bank of Ghana (BoG) helped contain the pressure,” Chris Nettey, head of trading, Stanbic Bank Ghana, said.
“Looking ahead, we expect the cedi to hold firm on the back of sustained BoG support,” he added.
A senior trader at Absa Bank Ghana, Sedem Dornoo, said continued Central Bank intervention should prevent any sharp moves in the dollar/cedi pair.
