Naira Gets New Position as Another Currency Emerges as Best-Performing in Africa
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The Kenyan shilling has become Africa’s best-performing currency after a recent gain, strengthening to a 15-month high against the US dollar. The naira, on the other hand, has suffered depreciation against the US dollar in the last three weeks, trading at N1,483.67 against the US dollar. The Kenyan shilling's performance is attributed to improved agricultural export inflows and increased remittances. The Central Bank of Kenya announced a new rate on June 14, 2024, using accurate traded rates in the interbank market to calculate the official rate. The governor of the Central Bank of Kenya, Kamau Thugge, attributed the currency's gain to monetary policy and improved investment inflows. The naira's depreciation is due to forex scarcity, with the Central Bank of Nigeria halting weekly forex sales to Bureau de Change operators. The naira traded slightly lower in the official foreign exchange market on June 13, 2024, at N1,476.24 per dollar. Overall, the Kenyan shilling has emerged as the best-performing currency in Africa, surpassing the naira.

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https://www.legit.ng/business-economy/economy/1597676-naira-position-currency-emerges-performing-africa/