Naira, Shilling, and Rand Struggle Amid Rising Rates
Nigerian Naira weakens 0.9% as rates hit 26.75%, Kenyan Shilling and South African Rand also depreciate against USD.
Published on 30 Jul 2024
, 1 minute read
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 0.9 % against USD last week and continues to struggle.
The central bank unexpectedly raised rates to 26.75% on Tuesday in a bid to defend the currency against its recent slide. Reports of recent interventions, however, have done little to stop the downward momentum of the Naira.
Tempering of inflation and inward dollar flows will be essential to stop the currency depreciating further.
Kenyan Shilling
Kenyan Shilling weakened against the dollar last week to trade at 130.5 on Friday. There were no data releases of note last week.
South African Rand
South African Rand depreciated against USD last week by 0.1% to trade at 18.3 at close on Friday. Inflation data showed a softening in line with market expectations with headline inflation now at 5.1% annualised.
Get the full Report
Liked the report so far? Access the entire report and also get weekly FX updates straight to your email inbox
Streamline your Corporate FX
Fast account opening – Minimal Paperwork