Deputy President Rigathi Gachagua, accompanied by former Nigerian President Olusegun Obasanjo and President William Ruto, participates in the inauguration of the Maragua Bulk Water Supply and Irrigation Project in Murang’a County on Thursday, February 15, 2024. PHOTO | COURTESY
In Summary:
- Deputy President Rigathi Gachagua issues a stern warning to traders, urging them to sell their dollars promptly to avoid significant losses as the shilling gains strength against the US dollar.
- Gachagua emphasizes the importance of heeding his advice, citing potential financial setbacks if traders fail to act swiftly amid currency fluctuations.
Deputy President Rigathi Gachagua has sounded an alarm to traders, cautioning them against holding onto dollars amidst the shilling’s strengthening trend.
Speaking in Kandara Constituency, Murang’a County, Gachagua emphasized the urgency for traders to sell their dollars promptly to mitigate potential losses.
Gachagua’s candid remarks underscored his confidence in President William Ruto’s economic strategies, which he believes will continue to bolster the shilling against the US dollar. He urged traders to heed his advice, warning of the looming risks of financial losses if they fail to act swiftly.
During his address, Gachagua candidly advised traders, “Wale walikua wameficha dollar nyumbani wanunue na wauze. Hawakunisikia wakasema wakae na dollar kwa nyumba. Rais amepanga kazi na dollar imeteremka.”
In translation; “Those who had hoarded dollars at home should go and sell them. They didn’t listen; they said they would keep the dollars at home. The president has made plans, and the dollar has gone down.”
He further emphasized the need for traders to act decisively, highlighting the possibility of the dollar dropping to Ksh100 against the shilling. Gachagua stressed, “Sasa wale wako na dollar wanakimbia bwa benki kuuza haraka… huyu raisi vile amepanga hii dollar muuze leo, kesho na kesho kutwa. Msipouza mtaenda hasara kubwa. Hii dollar vile naona raisi amepanga itafika mia moja.”
In translation; “Sell this dollar today, tomorrow, and the day after tomorrow. If you don’t sell, you will incur significant losses.”
Gachagua’s warnings come in the wake of the shilling’s unexpected surge, marking its strongest performance since November. The currency’s remarkable gains have instilled investor confidence, particularly following substantial government inflows to settle the $2 billion Eurobond.
Last year, Gachagua issued similar cautions amid the shilling’s weakening trend, urging traders to exercise prudence in their financial decisions.
Addressing traders at the Mombasa port, he reiterated the importance of offloading dollars into the market to adapt to currency fluctuations and mitigate potential risks.