The finding placed the Kenyan currency at number seven in Africa after shedding 20.9 percent against the American dollar.

However, the Nigerian naira plunged the steepest, having depreciated by 55 percent.

The Malawian national currency (kwacha) depreciated by 39.1 percent, while its Zambian counterpart followed at 29.5 percent in depreciation.

Other currencies on the list include the Burundi and Congolese francs, which have depreciated by 27.6 percent and 24 percent, respectively.

Central Bank of Kenya governor Kamau Thugge disclosed that the shilling will continue to depreciate if need be until it reaches its true value.

“The interest rates dropped because there was a better understanding by foreign investors,” Thugge added.

“So that is one window of where the foreign exchange can come in through portfolio because these people are now satisfied that the economy is better than other economies.

By Fred Odanga