African currencies gained against the USD last week

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

Nigerian Naira

The Nigerian Naira gained 0.45 % against USD last week to trade at 1582 to the Dollar. A recent central bank intervention and a welcome drop in both food and overall inflation helped steady the Naira in the past week versus the US Dollar.

Kenyan Shilling

Kenyan Shilling gained against the dollar last week to trade at 128.5 on Friday. There were no data releases of note out of Kenya in the week.

South African Rand

South African Rand gained by over 2.5% against the Dollar last week to trade at 17.81, its strongest level since August 1st, 2023. Despite misses in unemployment and mining, positive retails sales data and improved business confidence were enough to push the Rand to a 12 month high amid a risk-on pivot in markets last week.