African currencies closed November 2025 with mixed performances, but only a handful delivered meaningful gains against the U.S. dollar amid persistent global monetary tightening.
The month’s foreign exchange (FX) movements highlight how policy tightening, commodity prices, and regional monetary unions shaped currency stability across the continent.
Despite global financial uncertainty, a number of African currencies posted noticeable gains in November, supported by improved external inflows and sector-specific recoveries.
Africa’s currency landscape in November 2025 reflected shifting macroeconomic conditions, with monetary discipline, trade activity, and commodity trends driving the direction of several national currencies.
From mineral-rich economies to regional monetary blocs, November’s FX performance showed that countries with stronger policy frameworks and export momentum were better positioned to record currency appreciation.
Nigeria’s naira, which gained 3.4% against the U.S. dollar in October 2025 and ranked as the month’s fourth-best performer, reversed course in November with a 1.36% decline.
Below are the best-performing African currencies in November against the US dollar.
- November Close: 17.10/$ | October: 17.33/$
The Eswatini Lilangeni appreciated in November, tracking gains in the South African Rand due to the one-to-one peg between both currencies. Eswatini benefited from subdued inflation and improved SACU revenue prospects, which strengthened investor sentiment.
The economy also saw steady export activity in sugar and soft drink concentrates, supporting FX stability. Monetary tightening in the region further anchored short-term gains in the SZL.
