Zambia's kwacha fell more than 1 percent against the greenback to a six-week low on Thursday as exporters sat on their dollars, holding out for better rates.
Kwacha weakens to 6-week low as exporters hold out for better rates
The kwacha hit a session trough of 10.2200 to the greenback, its weakest since April 7, according to Thomson Reuters data.
A man displays a 50,000 Kwacha note in Lusaka January 23, 2012. REUTERS/Mackson Wasamunu
Recommended articles
![Zimbabweans have 21 days to exchange old banknotes for new ones (image used for illustration) [Reuters]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'100'%20height%3D'100'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Zimbabweans have 21 days to exchange old banknotes for new ones (image used for illustration) [Reuters]")
"We are not seeing a lot of dollar conversions from mining companies and other exporters. Exporters are holding on to dollars in anticipation of further kwacha depreciation," one commercial bank trader said.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Adelabu says FG plans to increase power generation from 4k to 6k megawatts
Adeyanju denies appealing Bobrisky’s conviction
FG shuts Abuja Chinese Supermarket that discriminates against Nigerians
Nigerian Army dismisses 2 soldiers who stole cable at Dangote Refinery
1,802 suspects arrested in 2 weeks during Lagos raids
Ribadu says terrorism-related deaths have dropped from 2600 monthly to 200
Nigerian students under 18 shouldn't be in university — minister warns parents
End of controversy as Gov Adeleke names one of his wives as official First Lady
Nigeria to boost collaboration, disrupt terrorism-fueling trafficking - Tinubu
ADVERTISEMENT