What a hundred dollars costs
The table above shows the same hundred dollars priced at the CBK rate and at the open-market rate, and the shilling difference between the two. A bank or bureau will quote a buying rate below and a selling rate above any of these figures, so a real counter transaction costs more than the gap shown.
What a hundred dollars costs at each rate
A hundred dollars priced at the CBK rate, the open-market buy rate and the open-market sell rate.
| Rate | $100 in shillings | Against CBK, per dollar |
|---|---|---|
| Central Bank of Kenya | KSh 12,997 | KSh +0.00 |
| Open market, buy side | KSh 12,960 | KSh -0.37 |
| Open market, sell side | KSh 12,939 | KSh -0.58 |
Rates of: 03.11.2026
The CBK price is a benchmark
The Central Bank rate is a weighted average of interbank spot trades, published once per trading day. It is not a rate any bank or bureau must give a customer. Pricing a hundred dollars at the CBK rate gives a benchmark figure: what the dollar would cost if there were no spread and no transaction cost.
That figure is useful for comparison, but it is not what a reader would pay at a counter. A bank or bureau buys dollars at a rate below the CBK figure and sells them at a rate above it. The spread between those two rates is the institution’s margin, and it is the real cost of exchanging cash.
The open-market price 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. It is a stablecoin price settled through M-Pesa or bank transfer, not a banknote price. Pricing a hundred dollars at the open-market rate gives the cost of buying the stablecoin in shillings.
That figure is also not what a reader would pay at a counter. The open-market rate is the median of advertisements; an individual advertiser may quote a rate above or below the median. The actual cost of buying the stablecoin depends on the advertiser chosen and the payment method.
The difference is small
The shilling difference between the CBK price and the open-market price is small. It is the cost of using the open market instead of the interbank market: the price of convenience, because the open market settles through M-Pesa or bank transfer while the interbank market settles through bank accounts.
That small difference is not the cost a reader pays at a counter. A bank or bureau will quote a buying rate below and a selling rate above any of these figures, so a real counter transaction costs more than the gap shown. The gap is the difference between two benchmarks, not the cost of exchanging cash.
Counter spreads vary
Bureau and bank spreads vary by counter, city and size. A bureau in a small town may quote a wider spread than a bank in Nairobi, because it has less competition and higher costs. A large transaction may get a better rate than a small one, because the institution earns more from the spread.
The spread is the difference between the buying rate and the selling rate. It is the institution’s margin, and it is the real cost of exchanging cash. A reader should compare the spread at several banks and bureaus before deciding where to exchange dollars.
What the table shows
The table above shows the same hundred dollars priced at the CBK rate and at the open-market rate, and the shilling difference between the two. The CBK price is a benchmark; the open-market price is a stablecoin price; the difference is the cost of using the open market.
The table does not show the rates at which banks or bureaus buy and sell dollars. Those rates sit on either side of the CBK rate: a buying rate below and a selling rate above. The spread between those two rates is the real cost of exchanging cash, and it is larger than the gap shown.
The real cost is the spread
A reader who wants to know what a hundred dollars costs should not look at the CBK rate or the open-market rate alone. The real cost is the spread at the counter: the difference between the buying rate and the selling rate. That spread is the institution’s margin, and it is the price of exchanging cash.
The table above gives two benchmark prices and the gap between them. The gap is small, but the spread at a counter is larger. A reader should compare the spread at several banks and bureaus before deciding where to exchange dollars.
Key facts
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Questions about the dollar rate
Why does the CBK price not match the counter price?
The CBK rate is a weighted average of interbank trades, not a rate any bank or bureau must give a customer. Banks and bureaus set their own rates around it, with a buying rate below and a selling rate above.
What is the open-market price?
The open-market price is the median of Binance P2P advertisements for USDT priced in shillings, settled through M-Pesa or bank transfer. It is not a banknote price.
Why is the difference between the two prices small?
The difference is small because the interbank market and the stablecoin market are connected through arbitrage. The gap is the cost of using the open market instead of the interbank market.
What is the real cost of exchanging dollars?
The real cost is the spread at the counter: the difference between the buying rate and the selling rate. That spread is the institution’s margin, and it is larger than the gap between the two benchmark rates.
Do bank and bureau spreads vary?
Yes. Spreads vary by counter, city and size. A bureau in a small town may quote a wider spread than a bank in Nairobi, and a large transaction may get a better rate than a small one.
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.