CBK governor Patrick Njoroge warns bank CEOs against speculative trading

NAIROBI: Banking executives have been warned about speculative activity in the foreign exchange market by Central Bank of Kenya Governor Patrick Ngugi Njoroge, on the day the shilling touched a historic low of Sh107 to the US dollar.

At the close of trading, the dollar was quoted at an average price of Sh105.80, after booking gains from much lower levels from earlier transactions. An executive who attended the meeting told The Standard that Prof Njoroge was concerned about the banks' role in the unrelenting depreciation of the shilling.