NCBA Bank has refuted claims that Kenyans have flocked its branch to sell their dollars amid the current volatility in the currency market.
The social media was for the better part of Wednesday, February 14, and Thursday, February 15, awash with updates of exchange rates, with most sources indicating that the United States dollar was on a free fall against the Kenyan Shilling.
Credible sources including the Central Bank of Kenya and commercial banks in Kenya also confirmed the development in the foreign exchange market which came days after a losing streak for the Kenyan Shilling.
That notwithstanding, part of the information shared on the social media platforms was misleading and not factual.
A news box using Nation Africa’s brand colors, for example, and another one using Standard Group’s colors- indicated that hundreds of Kenyans had rushed to its branches to dispose of their dollars.
However, the NCBA flagged it as fake and warned Kenyans to beware of online misinformation and instead rely on verified sources for financial guidance.
“Beware of online misinformation. Rely on verified sources for financial guidance,” NCBA stated while quoting the two-news graphics labeled as”fake “.
In a subsequent statement, NCBA’s CEO John Gachora congratulated the government and the Central Bank of Kenya for what he called a successful week in the capital market.
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According to him, the week’s performance in the capital markets had contributed to the strong rebound of the Kenyan Shilling.
However, in what appeared to be a cryptic message to dollar holders, Gachora said, “As for the fake news, Your Dollar Your Choice!”.
“We congratulate the Government, CBK, Bank and fellow Kenyans for a very successful week in the capital markets which has contributed to the welcome strong performance of the shilling,” Gachora stated.
“As for the fake news, Your Dollar, Your Choice!”
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Kenyans react to Shillings gain against the dollars
Nation Media also came out to dispel the claims and disassociate its newsroom from the graphics.
But that was just a snippet into the information circulating on the socials. In an interesting turn of events the Kenyan Shilling staged a remarkable gain against the Dollar, which information showing that the dollar was trading at Ksh153 in some banks on Wednesday, February 14.
On Thursday, February 15, the Shilling continued gaining against the dollar, with reports indicating that the dollar was trading at Ksh140 at some point within the day.
But CBK stepped in on Thursday to buy dollars from holders in a move aimed at smoothening the volatility in the exchange rates.