The U.S. dollar strengthened slightly against the Taiwan dollar in Taipei’s forex market, reflecting subtle shifts in global currency trading. On Thursday, the greenback rose by NT$0.036 to close at NT$31.910, with total trading volume reaching US$2.036 billion during the session. The dollar began the day at NT$31.880 and fluctuated within a range of NT$31.835 to NT$31.952, showing moderate volatility throughout the trading hours.
African Currency Movements
In Africa, currency performance remained mixed as traders anticipate limited fluctuations in the near future. Nigeria’s naira held steady, supported by active interventions from the central bank through ongoing dollar sales. Official exchange rates stayed firm at 1,375 naira per U.S. dollar on Thursday, nearly unchanged from the previous week, while informal market rates hovered around 1,395 per dollar. Market watchers expect the naira to trade within a narrow band between 1,375 and 1,380 in the coming week.
Uganda’s shilling also maintained relative stability amid subdued demand for hard currency from importers and interbank players. The shilling was quoted at 3,660/3,670 against the U.S. dollar compared to last week’s range of 3,690/3,700. Analysts link this steadiness to a reduction in foreign currency appetite driven by changing conditions in energy markets, projecting that the shilling will remain between 3,650 and 3,670 in the short term.
Zambia’s kwacha demonstrated resilience bolstered by improved mining output and increased foreign exchange inflows. The currency traded at 18.45 per dollar on Thursday, slightly weaker than last week’s 18.20 but still showing strength amid regional economic activity. Kenya’s shilling followed a similar pattern with commercial banks quoting it at 129.15/25 per dollar compared to last week’s close of 129.45/65.
Pressure on Ghana’s Cedi
Conversely, Ghana’s cedi faced downward pressure due to rising corporate demand for dollars alongside reduced central bank support. The cedi traded at 11.34 per U.S. dollar on Thursday, weakening from 11.20 recorded a week earlier. Experts highlight that increased corporate foreign exchange needs for imports and dividend repatriation are driving demand higher while central bank interventions are expected to ease following heavy activity in June.
These varied movements across African currencies illustrate ongoing changes within global forex markets shaped by local economic factors and broader international trends. Traders continue to monitor central bank policies and commodity market developments closely as they navigate persistent currency volatility worldwide.
