Dollar Exchange Rate Projections for First Working Day of 2023
Based on the trading trend of the festive holidays, we analyse and make informed projections for the Dollar Exchange Rates First Working Day of 2023
3rd January 2023 will be the First Working Day of 2023 and since Foreign Exchange Rates drive business we look ahead into the Foreign Exchange market hours to business.
During the festive season, the various hard currencies (Dollar, Pounds and Euros) have experienced some stability in terms of appreciation against the CEDI.
The rates quoted by google between 29th December 2022 and 2nd January 2023 ranged between GHS10.15 and GHS10.50 for the dollar
In the Banks, the buying price ranged between GHS9.50 and GHS10.50 whiles the selling price was between GHS10.50 and GHS11.50.
However, Forex bureaus, quoted GHS10.00 and GHS12.00 for the buying and selling prices.
The Ghana Association of Forex Bureaux has quoted an average buying rates of GHS9.50 and GHS11.50 for selling.
The Bank of Ghana’s interbank rates quoted on 30th December 2022 which was the last working day for buy and sell rates was approximately $1 to GHS8.31
Dollar Exchange Rate Projections for First Working Day of 2023
We do not expect big changes in rates last quoted by banks, Forex bureaus and Banks on 30th December 2022 when business opens on Tuesday, 3rd January 2023. At the time of this publication at 8:30 GMT, the dollar rate quoted by Google had fallen from $1 to GHS10.15 in the morning to $1 to GHS9.99 showing the Ghana Cedi is gearing up for start of business on 3rd January.
Below are our projections.
We expect the Cedi to appreciate marginally. A fall or rise in the buy or sell rates will not be significant on day one of the year.
At the GCB, the Buy rate of GHS9.00 is projected and the sell rate of GHS11.85 is expected
At the Stanbic Bank, the Buy rate of GHS9.00 is projected and the sell rate is projected to be GHS11.00
At the ABSA, the Buy rate for the dollar projected is GHS8.70 whiles the sell rate is likely to be GHS10.90
At Fidelity Bank, the Buy rate of GHS9 is projected while the sell rate of GHS11.80 is anticipated
At the CalBank, the Buy rate for the dollar is projected to be GHS9.00 while the sell rate of GHS11.90 is expected
At the Binance P2P, the Buy rate for the dollar is projected to be GHS10.95 and the sell rate expected is GHS10.85
READ: US Dollar to Ghanaian Cedis Exchange Rate Today 2nd Jan, 2023
At the Ghana Association of Forex Bureaux average rate may not be too different from a Buy rate of GHS9.50 and the sell rate of GHS1150