In 2025, Africa’s foreign exchange market was shaped by selective recoveries rather than broad-based strength, with Ghana’s cedi emerging as the continent’s top performer against the US dollar.
The Ghana cedi’s dramatic rebound led the way, followed closely by Zambia’s kwacha and the Congolese franc.
Across the continent, FX movements reflected a mix of policy interventions, export-driven inflows, and peg-driven stability, showing that strong gains were achievable even in a volatile environment.
Most other currencies experienced moderate appreciation or stabilization, highlighting the uneven nature of the market.
Commodity-rich economies and disciplined macroeconomic policies were central to the strongest trends, while global dollar dynamics continued to influence outcomes.
The Nigerian naira delivered a modest 6.91% appreciation in 2025, ranking 22nd among African currencies and underscoring its relatively subdued FX recovery.
Below are the top 10 best performed African currencies in 2025
The lilangeni followed the rand’s trajectory throughout 2025, benefiting from spillover appreciation but remaining exposed to South Africa’s macro and capital flow cycles.
The lilangeni followed the same monthly pattern as other rand-linked currencies in 2025. The strongest appreciation occurred in May (-3.27%) and December (-3.19%), reflecting favourable external conditions and commodity-linked support for the rand.
The weakest months were July (2.63%) and April (1.58%), when depreciation pressures intensified.
