Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Kenyan shilling extends losses as energy firms seek dollars

24 September 2014, 08:36

Nairobi - Shilling weakened in early trade on Tuesday due to demand for dollars particularly by energy importers, and traders said the currency could extend losses unless the central bank offered support.

The central bank sold dollars on Thursday and Friday last week in a bid to boost the currency, which has been under pressure in part because of a slowdown in revenues from tourism, a sector that has been hit hard by worries about security.

At 0750 GMT, the shilling was trading at 88.95/89.15 to the dollar, compared with Monday's close of 88.80/90.

"We have got a bit of strong demand for dollars," said Chris Muiga, a senior trader at National Bank of Kenya, adding that energy importers and telecoms firms were seeking greenbacks.

Another foreign exchange dealer at a commercial bank said energy firms had met tax payments earlier in the month and were now flush with shillings to convert into hard currency.

"The fundamentals don't support a stronger shilling, it should continue to weaken," he added.

The central bank has not indicated whether it would intervene again or at what point, but traders said the bank could offer dollars if the shilling slides to the 89.50 level.

- Reuters

For the latest on national news, politics, sport, entertainment and more follow us on Twitter and like our Facebook page!


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Submitted by
Shakila Alivitsa
Types of men that are a waste of ...

Most women end up heartbroken because they were trying to convince the wrong man to be in a relationship/ marriage. Read more...

Submitted by
Shakila Alivitsa
Cheating is hardwork!

Cheating, although enjoyable by the person doing it initially, it gets to a point they start realizing that it was never even worth it. Read more...

Submitted by
Shakila Alivitsa
Dating that one person that socie...

Works at a massage parlour. Works at Millionaires Club (that one on Baricho road) - you know the ones I am talking about. Read more...

Submitted by
Shakila Alivitsa
Submitted by
Shakila Alivitsa
What do men mean when they say th...

As much as men think they are the ones confused by relationships, they have a better idea of it than most women actually do. Read more...

Submitted by
Wilson Ochieng
ODM rebels sweat in Kisii as Oran...

ODM rebels are sweating in Kisii after the Orange Party won by elections despite concerted efforts by the ruling Jubilee Party to win the elections. Read more...