Kenya's shilling was steady on Wednesday but traders said it was likely to strengthen, helped by expected dollar inflows from non-governmental organisations and tea and flower exporters.
Shilling steady, seen gaining on agriculture exporter inflows
At 0716 GMT, commercial banks quoted the shilling at 101.75/85 to the dollar, the same as Tuesday's close.
"Outlook is for a stronger shilling until we see a pick-up in end-of-month demand if it comes in," said a senior trader at one commercial bank.
The trader said the shilling was also benefiting from low oil prices, which had translated into a lower import bill.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
FG commences payment of ₦2.7bn to property owners affected by Lagos-Calabar Highway
Kanu, Igboho, Ekpa are paid by foreign countries to cause problems in Nigeria - Seun Kuti
'What we built in 6 years was destroyed in 6 hours' — Landmark counts losses
'I don’t know where to start from' — man laments destruction of Lagos beach business
May Day: President Bola Tinubu’s speech
Bishop Oyedepo issues crucial message to 'Yahoo Yahoo' enterprises
FG confirms new minimum wage will take effect from May 1, 2024
House of Reps assures end to fuel queues soon, says scarcity temporary
Borno retirees demand pension increase, lament ₦4,000 monthly payment
ADVERTISEMENT