Cedi falls in value against the dollar; now GHS 14.20 to $1
The local currency, after closing last week with a marginal level of appreciation, has returned to a depreciating against the dollar.
The cedi this morning November 7, 2022, was going for GHS 13.95 to $1 on the retail or forex market.
The local currency has however, depreciated in value to GHS 14.20 to $1, average quote by the forex bureaus revealed.
On the interbank market, the cedi is going for GHS 13.014 to $1.
Aside the dollar, the two other major currencies that gained grounds against the Cedi are the Pound and Euro.
The two currencies are now selling at GHS 15.60 and GHS 13.60 respectively.
On the interbank market, data published by the Bank of Ghana, indicates the Cedi is selling at GHS 14.703 and GHS 12.89 to the pound and the euro respectively.
Some analysts had projected that the cedi’s performance was expected to be sustained for a few weeks.
However, the foreign exchange rate today means this might not be the situation.
But it’s early days yet to conclude that the cedi will not achieve stability against the US dollar.
The Ghana cedi gained 1.07% value against the US dollar in the retail market a week before after sustained depreciation.
It also appreciated 3.36% week-on-week against the pound but lost 1.83% week-on-week against the euro.
