> Monthly FX forecasts

macroafricaintel | Africa FX Monthly – July 2020

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By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

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Currency   1 month

(31 Jul 2020)

 3 month

(30 Sep 2020)

 6 month

(31 Dec 2020)

 12 month

(30 Jun 2021)
South African Rand (USD:ZAR) 17.5 17.1 17.3 16.5
Nigerian Naira (USD:NGN) 391.0 400.0 405.0 415.0
Ghanaian Cedi (USD:GHS) 5.7 5.5 5.3 6.1
Kenyan Shilling (USD:KES) 106.5 106.3 106.7 108.3
Ethiopian Birr (USD:ETB) 34.5 35.0 37.3 40.1
Mauritian Rupee (USD:MUR) 40.5 40.9 41.1 43.0
Namibian Dollar (USD:NAD) 17.5 17.1 17.3 16.5
Botswanan Pula (USD:BWP) 12.3 12.5 12.1 13.0
Zambian Kwacha (USD:ZMW) 18.5 18.7 18.9 19.1
US Dollar Index (DXY) 97.9 98.1 97.3 96.5

macroafricaintel | Africa FX Monthly – June 2020

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By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

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Currency   1 month

(30 Jun 2020)

 3 month

(31 Aug 2020)

 6 month

(30 Nov 2020)

 12 month

(31 May 2021)
South African Rand (USD:ZAR) 17.5 17.1 17.3 16.5
Nigerian Naira (USD:NGN) 391.0 400.0 405.0 415.0
Ghanaian Cedi (USD:GHS) 5.7 5.5 5.3 6.1
Kenyan Shilling (USD:KES) 106.5 106.3 106.7 108.3
Ugandan Shilling (USD:UGX) 3,801.0 3,823.0 3,841.0 3,857.0
Tanzanian Shilling (USD:TZS) 2,323.0 2,319.0 2,335.0 2,401.0
Ethiopian Birr (USD:ETB) 34.5 35.0 37.3 40.1
Mauritian Rupee (USD:MUR) 40.5 40.9 41.1 43.0
Namibian Dollar (USD:NAD) 17.5 17.1 17.3 16.5
Botswanan Pula (USD:BWP) 12.3 12.5 12.1 13.0
Zambian Kwacha (USD:ZMW) 18.7 18.9 19.3 21.5
US Dollar Index (DXY) 98.3 98.5 98.1 98.7

macroafricaintel | Africa FX Monthly – May 2020

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By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

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Currency   1 month

(29 May 2020)

 3 month

(31 Jul 2020)

 6 month

(30 Oct 2020)

 12 month

(30 Apr 2021)
South African Rand (USD:ZAR) 18.5 18.1 18.3 17.5
Nigerian Naira (USD:NGN) 391.0 400.0 405.0 415.0
Ghanaian Cedi (USD:GHS) 5.5 5.7 5.3 6.1
Kenyan Shilling (USD:KES) 106.5 106.3 106.7 110.3
Ugandan Shilling (USD:UGX) 3,801.0 3,853.0 3,825.0 3,911.2
Tanzanian Shilling (USD:TZS) 2,323.0 2,319.0 2,335.0 2,401.0
Ethiopian Birr (USD:ETB) 33.5 33.7 34.7 36.3
Mauritian Rupee (USD:MUR) 40.3 40.9 41.1 45.2
Namibian Dollar (USD:NAD) 18.5 18.1 18.3 17.5
Botswanan Pula (USD:BWP) 12.3 12.5 12.1 13.0
Zambian Kwacha (USD:ZMW) 18.7 18.9 19.3 21.5
US Dollar Index (DXY) 100.5 100.7 100.1 100.0

macroafricaintel | Africa FX Monthly – Apr 2020

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By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

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Currency   1 month

(30 Apr 2020)

 3 month

(30 Jun 2020)

 6 month

(30 Sep 2020)

 12 month

(31 Mar 2021)
South African Rand (USD:ZAR) 17.5 17.1 17.3 16.5
Nigerian Naira (USD:NGN) 391.0 400.0 405.0 415.0
Ghanaian Cedi (USD:GHS) 5.5 5.7 5.3 6.1
Kenyan Shilling (USD:KES) 104.5 104.3 104.7 106.3
Ugandan Shilling (USD:UGX) 3,801.0 3,853.0 3,825.0 3,911.2
Tanzanian Shilling (USD:TZS) 2,323.0 2,319.0 2,335.0 2,401.0
Ethiopian Birr (USD:ETB) 33.1 33.5 34.5 36.1
Mauritian Rupee (USD:MUR) 40.3 40.9 41.1 45.2
Namibian Dollar (USD:NAD) 17.5 17.1 17.3 16.5
Botswanan Pula (USD:BWP) 12.3 12.5 12.1 13.0
Zambian Kwacha (USD:ZMW) 18.5 18.7 19.1 21.1
US Dollar Index (DXY) 98.3 98.5 98.1 98.7

macroafricaintel | Africa FX Monthly – Mar 2020

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By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

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Currency   1 month

(31 Mar 2020)

 3 month

(29 May 2020)

 6 month

(31 Aug 2020)

 12 month

(26 Feb 2021)
South African Rand (USD:ZAR) 15.1 14.7 14.3 14.9
Nigerian Naira (USD:NGN) 365.0 371.0 383.0 401.0
Ghanaian Cedi (USD:GHS) 5.3 5.5 5.1 4.9
Kenyan Shilling (USD:KES) 101.5 101.3 101.7 101.9
Ugandan Shilling (USD:UGX) 3,681.0 3,683.0 3,687.0 3,691.0
Tanzanian Shilling (USD:TZS) 2,293.0 2,295.0 2,301.0 2,285.0
Ethiopian Birr (USD:ETB) 32.4 32.6 33.1 33.7
Mauritian Rupee (USD:MUR) 37.5 37.3 37.7 38.1
Namibian Dollar (USD:NAD) 15.1 14.7 14.3 14.9
Botswanan Pula (USD:BWP) 10.9 10.7 11.0 10.5
Zambian Kwacha (USD:ZMW) 14.9 14.7 14.5 15.0
US Dollar Index (DXY) 98.3 98.5 98.1 98.7

macroafricaintel | Africa FX Monthly – Feb 2020

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By Rafiq Raji, PhD
Twitter: @DrRafiqRaji, @macroafrica

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Currency   1 month

(28 Feb 2020)

 3 month

(30 Apr 2020)

 6 month

(31 Jul 2020)

 12 month

(29 Jan 2021)
South African Rand (USD:ZAR) 14.7 14.5 14.3 14.8
Nigerian Naira (USD:NGN) 362.1 362.5 363.0 365.0
Ghanaian Cedi (USD:GHS) 5.3 5.5 5.1 4.9
Kenyan Shilling (USD:KES) 100.5 100.3 100.7 100.9
Ugandan Shilling (USD:UGX) 3,681.0 3,683.0 3,687.0 3,691.0
Tanzanian Shilling (USD:TZS) 2,293 2,295 2,301 2,285
Ethiopian Birr (USD:ETB) 34.1 36.3 39.1 41.3
Mauritian Rupee (USD:MUR) 37.1 36.5 36.7 37.3
Namibian Dollar (USD:NAD) 14.7 14.5 14.3 14.8
Botswanan Pula (USD:BWP) 10.7 10.5 10.3 10.6
Zambian Kwacha (USD:ZMW) 14.5 14.7 14.3 14.1
US Dollar Index (DXY) 97.5 98.3 98.5 98.1

macroafricaintel | Africa FX Monthly – Jan 2020

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By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

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Currency   1 month

(31 Jan 2020)

 3 month

(31 Mar 2020)

 6 month

(30 Jun 2020)

 12 month

(31 Dec 2020)
South African Rand (USD:ZAR) 14.5 14.3 14.1 14.7
Nigerian Naira (USD:NGN) 361.5 361.3 361.7 363.0
Ghanaian Cedi (USD:GHS) 5.3 5.5 5.1 4.9
Kenyan Shilling (USD:KES) 101.5 101.3 101.7 101.9
Ugandan Shilling (USD:UGX) 3,701 3,709 3,703 3,707
Tanzanian Shilling (USD:TZS) 2,293 2,295 2,301 2,285
Ethiopian Birr (USD:ETB) 34.1 36.3 39.1 41.3
Mauritian Rupee (USD:MUR) 37.1 36.5 36.7 37.3
Namibian Dollar (USD:NAD) 14.5 14.3 14.1 14.7
Botswanan Pula (USD:BWP) 10.7 10.5 10.3 10.6
Zambian Kwacha (USD:ZMW) 14.1 14.5 14.3 14.7
US Dollar Index (DXY) 97.1 97.5 98.3 98.5

macroafricaintel | Africa FX Monthly – Dec 2019

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By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

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Currency   1 month

(31 Dec 2019)

 3 month

(28 Feb 2020)

 6 month

(29 May 2020)

 12 month

(30 Nov 2020)
South African Rand (USD:ZAR) 14.7 14.5 14.3 14.1
Nigerian Naira (USD:NGN) 361.5 361.3 361.7 363.0
Ghanaian Cedi (USD:GHS) 5.3 5.5 5.1 4.9
Kenyan Shilling (USD:KES) 102.5 102.3 102.7 102.9
Ugandan Shilling (USD:UGX) 3,701 3,709 3,703 3,707
Tanzanian Shilling (USD:TZS) 2,293 2,295 2,301 2,285
Ethiopian Birr (USD:ETB) 30.9 31.2 31.5 32.0
Mauritian Rupee (USD:MUR) 37.1 36.5 36.7 37.3
Namibian Dollar (USD:NAD) 14.7 14.5 14.3 14.1
Botswanan Pula (USD:BWP) 10.7 10.5 10.3 10.6
Zambian Kwacha (USD:ZMW) 14.5 14.7 14.3 15.0
US Dollar Index (DXY) 98.5 98.3 97.1 97.5

macroafricaintel | Africa FX Monthly – Nov 2019

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By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

Click here for PDF version

Currency   1 month

(29 Nov 2019)

 3 month

(31 Jan 2020)

 6 month

(30 Apr 2020)

 12 month

(30 Oct 2020)
South African Rand (USD:ZAR) 14.7 14.5 14.3 14.1
Nigerian Naira (USD:NGN) 361.5 361.3 361.7 363.0
Ghanaian Cedi (USD:GHS) 5.3 5.5 5.1 4.9
Kenyan Shilling (USD:KES) 103.5 103.3 102.7 102.9
Ugandan Shilling (USD:UGX) 3,721 3,729 3,723 3,727
Tanzanian Shilling (USD:TZS) 2,293 2,295 2,301 2,285
Ethiopian Birr (USD:ETB) 29.9 30.1 30.3 30.8
Mauritian Rupee (USD:MUR) 36.1 35.7 35.5 36.3
Namibian Dollar (USD:NAD) 14.7 14.5 14.3 14.1
Botswanan Pula (USD:BWP) 10.7 10.5 10.3 10.6
Zambian Kwacha (USD:ZMW) 13.1 13.3 13.5 13.7
US Dollar Index (DXY) 97.5 96.3 95.1 95.5

macroafricaintel | Africa FX Monthly – Oct 2019

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By Rafiq Raji, PhD
Twitter: @DrRafiqRaji

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Currency   1 month

(31 Oct 2019)

 3 month

(31 Dec 2019)

 6 month

(31 Mar 2020)

 12 month

(30 Sep 2020)
South African Rand (USD:ZAR) 14.7 14.5 14.3 14.1
Nigerian Naira (USD:NGN) 360.5 360.3 360.7 363.0
Ghanaian Cedi (USD:GHS) 5.3 5.5 5.1 4.9
Kenyan Shilling (USD:KES) 103.5 103.3 102.7 102.9
Ugandan Shilling (USD:UGX) 3,701 3,709 3,713 3,717
Tanzanian Shilling (USD:TZS) 2,293 2,295 2,301 2,285
Ethiopian Birr (USD:ETB) 29.4 29.5 29.7 30.2
Mauritian Rupee (USD:MUR) 36.1 35.7 35.5 36.3
Namibian Dollar (USD:NAD) 14.7 14.5 14.3 14.1
Botswanan Pula (USD:BWP) 10.7 10.5 10.3 10.6
Zambian Kwacha (USD:ZMW) 13.1 13.3 13.5 13.7
US Dollar Index (DXY) 98.7 98.5 97.9 98.3