Kenyan shilling edges closer to Sh160

NAIROBI, Kenya, Jan 4 – The Kenyan shilling is edging closer to Sh160 against the American dollar, despite assurances that the local currency is about to stabilize.

As of yesterday, CBK data showed it cost Sh156.5 to buy one dollar and Sh157.47 to sell.

Likewise, Sky Forex, a money transfer and payment institution, was buying one greenback for Sh156.5 and selling the same for Sh158.8.

Only in December last year did Treasury Cabinet Secretary Njuguna Ndung’u state that the shilling would return to normal.

However, he added that the continued free fall of the local currency will continue until its true value is reached.