Naira Falls, Rand Slips, Kenyan Shilling Stays Flat

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

Nigerian Naira

The Nigerian Naira weakened by 1.4% against USD last week to trade at 1620 to the Dollar.

There are reports that the removal of fuel subsidies and subsequent Naira devaluation in May are starting to have serious impacts on businesses with the manufacturing sector finding it particularly difficult to procure fuel and raw materials.

Recent central bank interventions have done little to arrest the slide of the currency with its inflationary effects having a similar impact on consumers.

Kenyan Shilling

Kenyan Shilling remained flat against the dollar last week to trade at 128.25 on Friday. A strong Stanbic Bank PMI was the only data release of note last week, showing expansion at 50.6 versus an expected contraction of 45.

South African Rand

South African Rand closed 0.2% weaker against the Dollar last week to trade at 17.82 on Friday. Data was mixed with a weak manufacturing PMI, but 0.4% Q2 GDP growth and an increase in foreign exchange reserves helped support the currency later in the week.