Naira Dips, Shilling Rises, Rand Steady in FX Markets

Here’s this week’s overview of the Nigerian Naira, Kenyan Shilling, and South African Rand:

Nigerian Naira

The Nigerian Naira weakened by a further 4.5% against USD last week to trade at 1610 to the Dollar. There was a welcome rise in foreign exchange reserves which will allow the central bank to defend the currency if needed. The Naira, however, remains under pressure, selling off alongside other emerging market currencies.

Kenyan Shilling

Kenyan Shilling gained against the dollar last week to trade at 129.5 on Friday. Inflation for July was at 4.3% as forecast, as the Shilling remains one of the top performing currencies in 2024.

South African Rand

South African Rand ended flat against USD last week to trade at 18.3 at close on Friday. Data was largely encouraging with the first primary budget surplus in fifteen years and a strong manufacturing PMI which showed strong expansion.