Nairobi News

GeneralHashtagMust ReadNews

Dennis Itumbi on the spot for ‘manipulating’ dollar exchange rate

Government blogger Dennis Itumbi was on October 6, 2023, put on the spot for suggesting the Kenya shilling was gaining currency against the United States Dollar (USD).

Itumbi shared a screenshot, reportedly from Google, showing that one US dollar was exchanged for Sh144.94 on October 6, 2023. He was soon put on the defensive over the authenticity of the photo.

“Well…” said Dennis Itumbi, implying the government had finally kept its promise to begin lowering the exchange rate value against the dollar.

A fact check by Nairobi News on October 6, 2023, at 9:10 UTC revealed the real value of the dollar to Kenya shillings is Sh 148.80.

Itumbi’s message on X (formerly Twitter) led to varied reactions from Kenyans.

“Kwani pale State House wako na google yao? Ama hii ni exchange rate ya Ruiru? (Does State House have its own Google? Or is this the exchange rate in Ruiru?) You must have photoshopped yours,” said Pauline Njoroge.

“Google is not a Forex Bureau to buy and sell dollars, Dennis. You can do better than this!” added Muhammad Onyango.

“Yamune. Which Google did you use?” asked Githii.

“The shilling is weakening against the dollar each day! Denno don’t force things..” added Felix Orina.

The reality on the ground is that the Kenya shilling has lost approximately 25% of its value to the American dollar in the past year.

Additionally, it also lost 20% of its value to the Ugandan and Tanzanian shillings in the past year. This has made the cost of running businesses in the country difficult for both local and foreign investors in the import and export market.

On April 11, 2023, President Ruto promised the dollar exchange rate in Kenya would come down ‘in a very phenomenal way’ within a ‘month or so’ and it would exchange at below Sh 120, “maybe Sh 115.”

Six months later, the exchange rate continues to sky rocket.

Also read: Eldoret County Assembly in limbo after court ruling suspends operations

Gathoni Wa Muchomba recalls growing up with an alcoholic dad