The Kenya shilling has resumed its free fall against the US dollar. The shilling has officially touched 155 and is steeply plummeting towards 156.
Alarmingly, over the past one week, the shilling has lost by over 4 shillings against the Canadian and Australian dollars. As at Friday, December 22, 2023, official data from the Central Bank of Kenya showed that the shilling was trading at a mean rate of 155.
On the same day, the shilling was trading at 116 against the Canadian dollar and 194 against the Australian dollar.
At commercial banks, the shilling was trading at highs of 160 against the USD dollar and highs of 122 against the Canadian dollar.
CS Njuguna Ndung’u: It’s not bad for Kenya Shilling to depreciate
Noticeably, the commerical banks have been selling the Canadian dollar with margins of up to Sh. 8.
