Naira Weakens, Shilling Gains, Rand Dips

Naira drops 2.3%, Shilling strengthens, Rand down 0.85%. GDP and PMI data impact currencies in Nigeria, Kenya, and South Africa.

Published on 10 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 is caused a minor selloff in the Naira, adding to its torrid misfortunes this year.

Kenyan Shilling

Kenyan Shilling strengthened against the dollar last week to trade at 127.75 on Friday. GDP growth figures showed annualised growth of 5% in Q1.

There was, however, a miss in the Stanbic Bank PMI, suggesting there has been a slowdown in the private sector.

More stable weather conditions are expected to boost agriculture, the country’s largest and most important sector, in a good sign for the economy.

South African Rand

South African Rand depreciated against USD last week by 0.85% to trade at 18.14 at close on Friday.

The ABSA Manufacturing PMI showed larger than expected contraction early in the week, which caused a selloff in the Rand.

Inflation expectations dipped to 5% on Friday, meaning the Rand was unable to firm against a weaker dollar.

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