NAIROBI – The Kenyan shilling is likely to benefit from lower demand for dollars from importers while the Nigerian naira will stay in its rut.
The Kenyan shilling is expected to recover some of its recent losses next week as demand for dollars by importers ebbs after the peak end-month period.
The shilling traded at 95.25/35 per dollar on Thursday, weaker than last Thursday’s closing rate of 94.60/70.
“Whatever demand was there from last month, end of month, is done, so we might see the shilling recover some of the losses,” said a currency trader with a commercial bank.
The shilling has dropped 5.26 percent to the dollar this year as imports rose, tourism slumped in the face of militant attacks, and demand for dollars grew among importers and companies paying annual dividends to shareholders abroad.