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 Lesotho loti tracked the South African rand closely in 2025, appreciating broadly in line with ZAR due to its one-to-one peg. Currency movements were externally determined, offering stability without independent FX signalling.
The strongest appreciation occurred in May (-3.30%) and December (-3.23%), periods when improved global risk sentiment supported the rand and, by extension, the loti.
In contrast, the weakest performance was recorded in July (2.88%) and April (1.62%), reflecting heightened volatility and depreciation pressures transmitted directly from South Africa.
