Dollar breaks above Sh145 as market ignores CBK rate

Banks increased their issuance of loans in foreign currency amid the recent local forex market dysfunction. PHOTO | SHUTTERSTOCK

The price of buying dollars in banking halls and forex bureaus has crossed a record Sh145 per unit, widening the spread between the official and open market rates, and creating a black market for the US currency due to a shortage.

A spot-check on Wednesday across multiple banks showed that they were selling dollars to customers at between Sh140.55 and Sh144.50 while buying the greenback at between 128.20 and Sh131.40 per unit.

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