Nigeria's naira seen trading within a band, Ghana Cedi to firm vs dollar

The Nigerian naira is expected to remain under pressure on the parallel market next week, but could trade within a band as traders and buyers seek appropriate value for the local currency.
The local currency was quoted at 310 to the dollar on Thursday, firmer than 350 to the dollar last week on the parallel market as the West African country's currency oscillate between 330 and 310 to the dollar in the week to Thursday.
The naira rate remains flat around the peg rate 197.50 on the official interbank market.
"We have seen some resistance on the part of buyers not willing to pay more for the dollar," one dealer said. Traders said dollar supply remain tight but markets will continue to trade within the prevailing band as long as buyers are not willing to pay more for the available dollars.
Meanwhile Ghana's cedi is expected to remain firm on regular dollar sales by the central bank, buoyed by offers from local mines and offshore investors amid dwindling corporate demand, analysts said.
The local unit weakened nearly 4 percent in January on seasonal high corporate dollar demand, but it has since recovered most of the losses. It was trading at 3.8600 to the greenback by 1040 GMT on Thursday, up from 3.8900 last week.
"The central bank has been regular in the market and given the firm supply of dollars amid a virtually extinct demand. The cedi is expected to remain on the front foot," said Accra-based Dortis Research analyst Joseph Biggles Amponsah.