KAMPALA - The Ugandan and Kenyan currencies could strengthen in the next week to Thursday, while Zambia's may fall, and those of Ghana and Nigeria ​are expected to be ⁠broadly stable, traders said.

UGANDA

Uganda's shilling is seen trading with a firming tone, helped by a ‌sharp slowdown in demand for hard currency from energy importers.

Commercial banks quoted the shilling at 3,645/3,655 to the dollar, compared to ​last Thursday's close of 3,765/3,775.

Energy importers and interbank players have cut back on their bids for foreign currency after ​global oil ​prices eased on the U.S.-Iran peace deal, one trader said.

"The momentum is on the firming side in the short term," he said, adding the shilling could strengthen to 3,600 against ⁠the dollar in the coming days.

KENYA

Kenya's shilling could post modest gains on optimism over the reopening of the Strait of Hormuz in the wake of the U.S.-Iran peace deal.

Commercial banks quoted the shilling at 129.45/55 per dollar on Thursday, little changed from last week's close of 129.40/55.

Kenya is heavily dependent on the ​Middle East for ‌fuel imports via government-to-government ⁠supply deals.

ZAMBIA

Zambia's kwacha is ⁠likely to be under pressure next week as local appetite for hard currency has picked up.

On Thursday commercial ​banks quoted the kwacha at 18.05 per dollar, weaker than 17.54 a week ‌earlier.

"There is increasing (dollar) demand coming from imports of fuel, fertilizer ⁠and mining equipment. Dollar supply also seems to have slowed down," a trader said.

GHANA

Ghana's cedi is expected to be little changed, supported by the central bank's continued interventions and mining-sector dollar inflows.

LSEG data showed the cedi trading at 11.15 to the dollar, compared to 11.00 a week earlier.

At the most recent central bank FX auction bids of about $295 million were submitted against a planned offer size of $130 million. However, the central bank allotted about $291 million, satisfying nearly the entire demand at the auction.

"These interventions, together with FX inflows from the mining sector, are expected to cool off FX demand," said Bertrand ‌Baazeng, a trader at Absa Bank Ghana.

NIGERIA

Nigeria's naira is also forecast ⁠to be steady, helped by overseas buying of local assets.

The naira ​was quoted at 1,358 to the U.S. currency on the official market on Thursday, compared with 1,359 a week earlier.

The currency was changing hands at 1,403 to the dollar in street trading.

"I expect the same rate band ​of between 1,350 ‌to 1,360 naira next week," a trader said. "We are seeing some (FX) sales from international ⁠banks to buy securities."