REVEALED: Sheafra Currency Exchange Rate Against Kenyan Shilling and Other Currencies
Shortly, individuals within the East African Community (EAC) will engage in transactions using a unified currency with a higher valuation compared to any individual currency within the member states.
In a string of tweets addressing various raised concerns, the East African government disclosed that one East African Sheafra (SHF1) will be valued at Ksh760.
The government clarified that while the currency is not directly pegged to the Dollar, its value will be set at US$0.76 and Ush3,400.
“The East African Sheafra (SHF1 Sheafra) is valued at 0.76 cents on the Dollar, almost a Dollar; Tsh2800 (Tanzania Shillings), Ksh760 (Kenya Shillings), RFr.1,230 (Rwanda Franc), USh3,400 (Uganda Shillings), BF.3,103 (Burundi Franc),” explained the government.
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Right after the announcement, some doubters raised concerns about the Sheafra’s worth, contending that its effectiveness against various currencies didn’t align.
Some individuals expressed dissatisfaction with the currency exchange rates, contending that if SHF1 equates to US$0.76, it should be valued at Ksh109 based on the current performance of the Kenyan Shilling against the Dollar.
On the other hand, some individuals commended the decision, highlighting its potential to facilitate commercial dealings across East African nations and enhance the strength of certain currencies that had been significantly impacted by the performance of the Dollar.
“Maybe this will save us from the volatile Shilling,” stated Alvine. The Shilling is now trading at Ksh144 against the Dollar, a drop from a high of Ksh160.
Six Different Denominations
This morning, the East African government initiated the introduction of SHF5, a program set to be implemented by the Bank of East Africa.
The money features the emblem ‘The East African Sheafra’ in uppercase letters, along with a magnetic strip and two watermarks displaying the East African Logo and the currency abbreviation – SHF.
The SHF5 note exhibits tones reminiscent of natural earthy shades ranging from light brown to dark brown. In contrast, the SHF200 note, being the highest denomination, features various hues of green.
SHF10 exhibits shades spanning from maroon to brown, whereas SHF20 includes hues of black, brown, and light blue.
SHF50 comes in shades of grey and light green, whereas SHF100 is available in shades of grey and yellow. Each note will bear the signatures of the governor and secretary of the Bank of East Africa.
REVEALED: Sheafra Currency Exchange Rate Against Kenyan Shilling and Other Currencies