The two dollar rates today
The Central Bank of Kenya publishes one rate for the dollar each trading day. The open market quotes another, and the two sit almost on top of each other. This page explains what each rate is, what the buy and sell sides mean, and why the gap between them is not the cost you pay at a counter.
The CBK rate and the open market, same day
The Central Bank of Kenya's rate, the open-market rate on each side, and the gap between them.
| Rate | Shillings per dollar | Against CBK | Against CBK, % |
|---|---|---|---|
| Central Bank of Kenya | KSh 129.97 | KSh +0.00 | +0.00% |
| Open market (P2P), mid | KSh 129.50 | KSh -0.47 | -0.36% |
| Open market, buy side | KSh 129.60 | KSh -0.37 | -0.28% |
| Open market, sell side | KSh 129.39 | KSh -0.58 | -0.45% |
Rates of: 03.11.2026
The CBK rate is a benchmark
The Central Bank rate is a weighted average of registered spot trades in the interbank foreign exchange market during the trading session, published once per trading day. The CBK does not set the rate; it reports what the interbank market did. The figure is not a rate any bank or bureau must give a customer, and it is not a promise of what a dollar will cost over the counter.
A bank or bureau sets its own rates around the CBK figure. The buying rate is what the institution pays for dollars; the selling rate is what it charges. The difference between the two is the spread, and that spread is the institution’s margin. The CBK rate sits between them, but it is not the midpoint.
The open-market rate is a stablecoin price
The open-market rate is the median of Binance P2P advertisements for USDT priced in shillings, using advertisers with an order history and dropping advertisements far from the median of their side. It is a stablecoin price settled through M-Pesa or bank transfer, not a banknote price and not a survey of forex bureaux.
Because it is a stablecoin price, the open-market rate moves every day, including weekends and holidays when the CBK publishes no row. The buy side is what advertisers are asking for the stablecoin in shillings; the sell side is what they are offering. The median of each side is shown, and the gap is the difference between the open-market rate and the CBK rate.
What buy and sell mean for you
If you are buying dollars, you look at the selling rate. That is the price at which a bank or bureau will sell you dollars, and it is always higher than the buying rate. If you are selling dollars, you look at the buying rate, which is always lower. The spread between the two is the cost of the exchange.
The same logic applies to the open-market rate. The buy side is what you would pay in shillings to buy the stablecoin; the sell side is what you would receive if you sold it. The open-market rate shown here is the median of both sides, so it sits between them.
The gap is small, but the spread is real
The gap between the CBK rate and the open-market rate is shown in shillings and as a percentage of the CBK rate. It is small, and it moves little from day to day. That does not mean a reader loses nothing. The rate a bank or bureau gives a customer sits on one side of both figures: a buying rate below and a selling rate above.
The spread between those two rates is the cost of exchanging cash, and it is larger than the gap between the two published rates. A reader should compare the spread at a bank or bureau with the gap shown here to see where the real cost sits.
Why the two rates stay close
The CBK rate and the open-market rate stay close because they are both prices for the same dollar in the same country. The interbank market and the stablecoin market are connected through arbitrage: if the gap widened, traders would buy in one market and sell in the other until the gap closed.
That does not mean the two rates are identical. The open-market rate includes the cost of moving money through M-Pesa or bank transfer, and the CBK rate does not. The gap is the price of that convenience, and it is small because the two markets are liquid.
What the table shows
The table above shows the CBK rate, the open-market rate, and the gap between them, with buy and sell sides for the open market. The CBK figure is a weighted average of the day’s registered interbank spot trades, and it is not a rate any bank or bureau must give a customer.
The open-market figures are Binance P2P advertisements for a stablecoin paid through M-Pesa or bank transfer, not banknotes. The buy and sell sides mean what a person buying or selling dollars would pay or receive. The gap is the difference between the two rates, shown in shillings and as a percentage.
Key facts
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Questions about the dollar rate
What is the CBK rate?
The CBK rate is a weighted average of registered spot trades in the interbank foreign exchange market, published once per trading day. It is not a rate any bank or bureau must give a customer; individual institutions set their own rates around it.
What is the open-market rate?
The open-market rate is the median of Binance P2P advertisements for USDT priced in shillings, using advertisers with an order history. It is a stablecoin price settled through M-Pesa or bank transfer, not a banknote price.
Why is the gap so small?
The gap is small because the interbank market and the stablecoin market are connected through arbitrage. If the gap widened, traders would buy in one market and sell in the other until the gap closed.
What does the buy side mean?
The buy side is the price at which you can buy dollars or the stablecoin. For a bank or bureau, it is the selling rate; for the open market, it is what advertisers ask in shillings.
What does the sell side mean?
The sell side is the price at which you can sell dollars or the stablecoin. For a bank or bureau, it is the buying rate; for the open market, it is what advertisers offer in shillings.
A contract, not a counter
FxPro offers a contract for difference on the dollar-shilling rate. No banknotes change hands, and no metal is delivered. Opening an account takes identification and a day or two; a practice account costs nothing.