Last November, it was reported that Jeff Bezos, via his personal venture capital fund, would be investing in the Uganda-based financial technology firm Chipper Cash. In an effort to monitor the progress of capital flows into African countries within Chipper Cash’s footprint, we are beginning a series of blog posts documenting foreign exchange rates in these countries.
As of 8:24 am AST 4 December 2020, here are the exchange rates with Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya based on the U.S. dollar.
Legal/Political events impacting African currencies:
U.S. releases jobs report today
The U.S. Department of Labor today will release its jobs situation report which is expected to provide the U.S. and its trading partners with insights into the spending power of Americans. More individuals entering the labor market along with increases in wages should provide African nations trading with the U.S. a gauge on the capacity of the American consumer.