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Forex Bureaus Now Sell A Dollar For ¢11.2

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Forex Bureaus Now Sell A Dollar For ¢11.2

The Ghana cedi has hit the ¢11 mark as some forex bureaus in parts of Accra are selling a dollar at an average of ¢11.2 on Saturday, October 8, 2022.

According to reports, the demand for the dollar keeps surging, as there is virtually little dollar in circulation.

Some forex bureau operators who spoke to Joy Business on condition of anonymity said the recent action by the Bank of Ghana has yielded little return and they said, there are no dollars in circulation.

But, they hope the inflows from the $1.13 billion cocoa syndicated loan will help improve supply slow down the rate of depreciation of the currency. The first tranche is expected by the end of this month

On the interbank market, the Bank of Ghana quoted the dollar at 9.63 (selling) on Friday, October 7, 2022.

Meanwhile, the cedi is also not faring well against the pound and euro.

It is going for ¢12.5 to the pound and ¢10.57 to the euro respectively.

 

 

Source: Newsghana.com.gh

See also  Dollar breaks ¢11 mark; forex bureaus sell a dollar for ¢11.2
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