Kenya Shilling Edges up 0.04% Against US Dollar

The Kenya Shilling stabilised against the US Dollar at 149.84 units at the close of trading Thursday, representing a 0.04% gain from 149.90 units a day prior.

Regardless, the shilling is still ranked the 6th worst-performing African currency in 2023.

It has slumped by more than 15% against the US Dollar.

According to data from Bloomberg and World Currency Monitor, Nigeria’s naira is the worst-performing currency in Africa in 2023.

The Naira has depreciated by more than 40% year to date against the US$ as the country struggles to patch up its broken foreign exchange regime.

It’s followed by the Angola Kwanza which has lost 39.5% against the US dollar YTD, Egyptian Pound (20.6%), Congolese Franc (18.9%) Liberian Dollar (18.6%), Kenya Shilling (15.7%).

Sierra Leone’s Leone has lost 13.8% in value, Ghana’s Cedi (11.9%), Rwanda’s Franc (11.6%) and the South African Rand (9.6%).