The Central Bank of Kenya has reported that the shilling remained largely stable against major international and regional currencies in the week ending September 24, 2026.
According to the CBK's weekly bulletin, the shilling traded at KSh 129.48 against the US dollar on September 24, a slight improvement from KSh 129.62 recorded the previous week.
Kenya's foreign exchange reserves stood at KSh 1.95 trillion (USD 15,042 million) as of September 24, enough to cover 6.1 months of import requirements — comfortably above the CBK's statutory minimum of four months. A week earlier, reserves were slightly higher at KSh 1.96 trillion (USD 15,088 million).
Within the East African Community, the shilling's performance was mixed. It strengthened against the Tanzanian shilling, moving from 20.40 to 20.46 units — a gain of 0.29% — and posted smaller gains against the Rwandese franc (up 0.18%) and Burundi franc (up 0.13%). However, it lost modest ground against the Ugandan shilling, slipping from 30.19 to 30.14 units, a decline of 0.17%. The CBK noted that its published exchange rates are market-determined indicative figures.
Separately, seven African currencies posted stronger gains than the Kenyan shilling against the US dollar in September 2026. The Seychellois rupee led with a 6.44% increase, while the Kenyan shilling held relatively steady around KSh 129.50. Nigeria's naira also strengthened as the country's foreign exchange reserves climbed to an 18-year high of $54.13 billion. These shifts come against the backdrop of a US Federal Reserve interest rate hike, which has added pressure on African currencies more broadly.
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**CBK Opens KSh 50 Billion Treasury Bond Sale, Retail Investors Can Join With KSh 50,000**
The Central Bank of Kenya has opened the sale of two reopened long-term Treasury bonds, giving both individual and institutional investors a chance to earn fixed returns on instruments originally issued in 2019.
The bonds on offer are the 15-year fixed-coupon bond FXD3/2019/015 and the 20-year fixed-coupon bond FXD1/2019/020, together targeting a combined KSh 50 billion to support government budgetary financing.
The sale runs from September 24 to September 30, 2026, with the bid submission deadline set for 10:00 a.m. on September 30, and settlement scheduled for October 5, 2026.
The two bonds carry different terms: FXD3/2019/015 has 7.8 years remaining to maturity (due July 10, 2034) with a coupon rate of 12.34%, while FXD1/2019/020 has 12.5 years remaining (due March 21, 2039) with a coupon rate of 12.873%. Both carry a 10% withholding tax and will be listed on the Nairobi Securities Exchange, allowing investors to trade them on the secondary market once trading begins on October 5.
Retail investors can participate through non-competitive bids, requiring a minimum of KSh 50,000 and a maximum of KSh 50 million per bond — a simpler option that doesn't require specifying a yield. Competitive bids, which allow investors to name a preferred yield, require a minimum of KSh 2 million per Central Securities Depository account per tenor.
Participation requires an active DhowCSD account, with bids submitted via the CBK DhowCSD Investor Portal or App, or through commercial banks, investment banks, and stockbrokers. Successful bidders must retrieve their payment details from the DhowCSD portal by Friday, October 2. The CBK has warned that investors who fail to pay may be suspended from future government securities auctions.
Beyond regular coupon payments, the bonds can also serve as collateral for loans from regulated financial institutions and count toward statutory liquidity ratio requirements under the Banking Act. The CBK will rediscount the bonds as a last resort at 3% above the prevailing market yield or coupon rate, whichever is higher.
Investors with questions can reach the CBK's Financial Markets Department at 2860000, or visit CBK branches in Mombasa, Kisumu, Eldoret, Nyeri, Meru, Kisii, and Nakuru.
In related news, the CBK's 2025 Bank Supervision Annual Report revealed that 33 commercial banks were penalised for failing to comply with the Risk-Based Credit Pricing Model, with only three banks found fully compliant after targeted inspections. Separately, KCB Bank Kenya recorded the largest gross loan book in 2025, with lending surpassing KSh 1 trillion — nearly a quarter of the entire banking sector's gross loans.
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