S. Sudanese Pound gains strengthen against US Dollar after progress in peace process
February 19th 2020 (Nyamilepedia) – The South Sudanese Pound is gaining strength against the United States Dollar (USD), currency traders at the black market in Juba said this morning.
The new development comes after President Salva Kiir agreed to an opposition demand last week to return the world’s youngest nation to its original ten states after Kiir’s 32 states triggered controversy over its boundary complications.
Speaking to Nyamilepedia this morning from Juba, traders said the dollar has – since Sunday – been falling against South Sudanese pound apparently because of the compromise made by Kiir to return the country to ten states.
“The dollar is falling against Pound,” one trader at Juba Market said. “I think this is because of the recent decision by President Salva Kiir to return our country to the previous ten states.”
Another trade confirmed the development saying one USD was traded at 300 South Sudanese pound compared to 335 last week. He said traders expects the dollar price at the black market is expected to drop as the unity government is set to be formed this week.
“The price of $1 is 300 compared to last week when it was 335,” he said. “I expect the dollar to fall further as the government is going to be formed.”