On the day that has seen the British pound fall to record lows, African currencies too have joined the party, and were recorded gaining ground against the pound.
On Monday morning, the pound briefly slid by as much as 4% against the US dollar in Asian markets, to an all-time low of $1.0382.
The Kenyan shilling gained 0.15% against the pound.
Similarly, the cedi, Zambian kwacha, Botswana pula, and the West African CFA all gained against the British currency.
However, the South African rand and the Nigerian naira continued the losing streak against major world currencies.
This comes after a year which has seen most African currencies lose value against both the pound and the US dollar.
Ghana’s cedi is the worst-hit currency, sliding nearly 40% against the US dollar since the year began.
The cedi has also lost 20% against the British pound in 2022. But it marginally gained to quote at 10.83 units in early Monday trading.
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“Every country struggling with their currency has imports in excess of their exports,” Richmond Frimpong, a Ghana-based analyst, told the BBC.
This increases demand for the foreign currency and so its price rises, he said.
SOURCE: BBCNEWS
