Naira, Shilling, and Rand Weaken against USD

Naira, Shilling, and Rand Performance Amid Economic Developments Last Week

Published on 3 July 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 2.3% against USD last week. Foreign exchange reserves did increase, albeit below expectations, which caused a minor selloff in the Naira.

Kenyan Shilling

Kenyan Shilling declined against the dollar last week to trade at 128.5 on Friday. Weaker than expected inflation at 4.6% vs 5.2% expected caused a Shilling selloff despite a weaker dollar.

South African Rand

South African Rand depreciated by 0.25% against USD last week to trade at 18.04 at close on Friday. Market sentiment improved on optimism that Ramaphosa's ANC and its biggest coalition partner, the Democratic Alliance would reach an agreement over cabinet positions, after reported tensions between the two parties.

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